BOMA and its partners in the Coalition to Insure Against Terrorism scored a huge win for the commercial real estate industry today with the reauthorization of the federal terrorism risk insurance backstop program, known as TRIA. As soon as the 114th Congress convened this week, both chambers made it a priority to quickly put up for vote H.R. 26, the Terrorism Risk Insurance Program Reauthorization Act of 2015. This afternoon, the Senate passed H.R. 26 by a vote of 93-4, following the House’s passage of the same legislation yesterday by an equally overwhelming majority of 416-5. The legislation extends the federal backstop for six years, gradually increasing the loss threshold that triggers federal assistance under the program from $100 million to $200 million. The 113th Congress had allowed the program to expire on December 31, 2014, despite bipartisan support for the issue.

With TRIA extended, BOMA International will now shift its efforts to advocating for certainty in the area of tax policy, as well as practical energy policy that makes sense for the commercial real estate industry and appropriately incentivizes buildings to continue to become more energy efficient.

Category: Featured

Tags: BOMA International, Congress, TRIA