Late last week, the House of Representatives followed the Senate's lead and passed the Emergency Economic Stabilization Act of 2008, H.R.1424, by a vote of 263 - 171. President Bush is expected to sign the bill into law.

In addition to the financial rescue plan, it includes three BOMA legislative priorities: the two-year extension of both the 15-year timeline for depreciating leasehold improvements and brownfields expensing and a 5-year extension of the tax deduction for energy efficient commercial buildings. The two-year extensions on brownfields expensing and leasehold depreciation are retroactive to January 1, 2008 and will go through Dec. 31, 2009, while the deduction of up to $1.80/square foot for energy efficiency improvements made to commercial buildings that achieve 50% reduction in energy use (compared to a base building defined by the ASHRAE 90.1-2001 Standard) will now expire Dec. 31, 2013.