National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Congress Passes $1.3-Trillion Spending Bill, Funds Government Through September
A $1.3-trillion spending bill was passed by both the House and Senate, which will fund the government through September. President Trump signed it on Friday, which avoided a government shutdown last week as Congress headed into a two-week recess.
The omnibus bill includes numerous non-spending policy provisions, as well as those affecting revenue. According to analysis by the Real Estate Roundtable, aspects of the bill that have potential real estate impacts include:
– The EB-5 immigration investment program was extended for six months, until Sep. 30.
– Tax technical corrections positively affecting Foreign Investment in Real Property Tax Act (FIRPTA) provisions; partnership audit reform rules; and an expansion of the low-income housing tax credit.
– The National Flood Insurance Program was decoupled from the omnibus, and reauthorized through the end of July.
– The EPA’s Brownfields program was reauthorized as part of the BUILD Act.
– Billions in funding for infrastructure, including a variety of sources that could be utilized for such projects as the controversial Gateway railway tunnel project between New York and New Jersey.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Economy
