“Commercial real estate development is a leading growth industry in Texas, generating more than $270.6 billion in total economic activity and $3.8 billion in state tax revenue. Our industry directly employs more than 500,000 Texans. We are here today to advocate for policies that stimulate the economy and promote responsible and sustainable development,” said Linda McMahon, president and CEO of The Real Estate Council and chair of the coalition.
This session the commercial real estate industry will focus on four key legislative areas: Transportation and Infrastructure, Economic Development, Tax Policy and Protection of Private Property Rights.
The group is urging lawmakers to adequately fund water and transportation infrastructure because it is essential to responsibly manage the growth that is providing for a strong rebounding economy in Texas.
The group will also support legislation that promotes economic development through:
• Tax Increment Financing and Public Improvement Districts
• Programs that encourage the use of green building technology and promote retrofitting of existing infrastructure
• Development agreements
• Public/private partnerships
Another primary issue is supporting legislation that encourages equitable and thoughtful application of existing and new tax policies.
“A level playing field is critical for the commercial real estate industry to regain its footing and help rebuild the tax base. A moderate, balanced and stable tax structure contributes to a positive business climate necessary for Texas to compete in a world economy,” said McMahon.
Finally the group will encourage lawmakers to protect the basic property rights of commercial landowners from unduly burdensome local development requirements that reduce the value of the landowner’s property.
ABOUT THE REAL ESATATE COUNCILS OF TEXAS:
The Real Estate Councils of Texas is comprised of the following organizations: The Real Estate Council of Austin, The Real Estate Council (Dallas), Greater Fort Worth Real Estate Council, the Houston Real Estate Council, Houstonians for Responsible Growth, and the Real Estate Council of San Antonio.