BOMA SAVES OWNERS MONEY!
Your building's BOMA membership saves commercial real estate owners and managers money, which can optimize the value of the assets. As an industry "watchdog," BOMA proactively advocates and provides early notification of issues that could negatively impact your bottom line. Below are recent and current examples of how BOMA's lobbying and advocacy efforts at local, state and national levels benefit you and your buildings.
- Savings in dollars and time to property owners and managers through ongoing local advocacy efforts in the city of Denver and surrounding jurisdictions. BOMA is the only Colorado commercial real estate organization that regularly works on local issues and we were an integral part of the city of Denver code amendment process for the 2015 model ICC codes. BOMA also works with Denver and other jurisdictions on various issues related to affordable housing, energy efficiency, permitting, ADA and other commercial real estate development and owner issues.
- Millions of dollars in savings to property owners through regular monitoring and intervention in utility related cases before the Colorado Public Utilities Commission (PUC). BOMA is a member of the Colorado Energy Consumers Group (CEC) represented by Holland and Hart, and has successfully represented building owners and other large users of electricity. CEC intervened on BOMA's behalf in past rate cases and plans to do so again in the upcoming 2017 Xcel electric rate case and other cases. By being a participant in PUC cases, the rights and exposure to increased costs are mitigated for BOMA buildings.
- Savings of over $3.50 per square foot in direct costs and long-term revenues to commercial real estate because BOMA worked to eliminate or modify overly stringent and costly codes and standards requirements in the 2015 group of ICC Model Codes. And recently, the BOMA International codes team was there to protect owners' interest in the International Code Council's (ICC) code committees development of the 2018 I-Codes.
- Significant savings to building owners by regular monitoring and taking positions on bills before the state legislature during the annual Legislative Session that begins every January and runs for 120 days. BOMA was active during the 2017 session, monitoring and taking positions on a variety of bills dealing with issues such as property tax abatements, energy topics, taxes and construction defects. BOMA also proactively communicates members' concerns with legislators during the year and during meetings with candidates during election cycles.
- Almost $2 billion in tax savings to the industry when the U.S. Senate approved a package of tax “extenders,” including a one-year, retroactive extension of the 15-year depreciation period for tenant improvements, which had previously expired at the end of 2013. At the end of 2015, Congress passed the massive tax bill known as the PATH Act , which included making 15- year leasehold depreciation permanent. BOMA International used 2016 to lay the groundwork for a tax policy plan that would benefit development and investment, and would provide long-term certainty and stability for the commercial real estate industry and the overall economy. BOMA worked on and off Capitol Hill to convey the essential elements tax reform would need to maintain a healthy industry and to avoid the missteps of the 1986 tax reform.
- Energy efficiency tax deductions - in 2017, BOMA International isworking to retroactively extend 179D, the commercial building energy efficiency tax deduction, commonly known as 179D. The deduction, which expired at the end of 2016, was the only federal incentive for building owners to improve the energy efficiency of a building. Pressing the need for more energy efficiency incentives and commonsense energy policy will be a cornerstone of BOMA’s advocacy strategy and a top legislative priority for the association this year
- $620 million in annual tax savings to the industry as a result of the permanent extension of the 15% tax rate on capital gains for individuals making below $400,000.
BOMA membership adds value to your properties and benefits your tenants and the real estate professionals who guide and care for your investment. BOMA dues are usually treated as a building operating expense due to the reduction of other expenses typically passed through to tenants. Visit BOMA International at www.boma.org and Denver Metro BOMA at www.bomadenver.org for more information, or call the BOMA Office at 303-383-4870.