May 15, 2002—The Institute of Real Estate Management (IREM) recently honored Representative E. Clay Shaw, Jr. with its 2002 Legislator of the Year Award.
IREM presented the award to Shaw, an 11th term Republican from Florida, representing the Miami-Dade and Palm Beach Counties, for his efforts in sponsoring the “Tenant Leasehold Improvement Act,” which would include a “bonus depreciation” allowance which provides an additional depreciation deduction of 30 percent of the cost of investments in leasehold improvements.
IREMs 2002 President-Elect Patricia A. Nooney, expressed the Institutes appreciation for Shaws support of the real estate management industry: “Youve been a big supporter of the real estate industry in the past and we appreciate your efforts in reducing the depreciation period on leasehold improvements.”
Over the past few years, Shaw has supported the real estate industry on a number of issues including those relating to fair housing, taxes and homeowner associations.
Another issue of interest to the real estate management community is bankruptcy reform. IREM supports H.R. 333, the Bankruptcy Reform Act, which includes provisions relating to single asset bankruptcy; automatic stay provisions in rental housing and shopping center bankruptcy.
One of the provisions of the Act allows a tenant to delay eviction by declaring bankruptcy. John Bennett, CPM, explained to Shaw, “Property managers cant afford to have residents in their units who dont pay rent. What were asking for are reasonable time limits in which renters can remain in the property after their lease is expired.”
