Commercial real estate associations are stepping up warnings about the damage the carried-interest proposal in the recently passed American Jobs and Closing Tax Loopholes Act in the House will do to the industry. "Real estate is a long-term, risk-based investment which is regularly structured as a partnership, and therefore often involves a carried interest," says James Peck, the international chairman for the Building Owners and Managers Association International. "The passage of the bill by the Senate would result in fewer jobs, fewer economic development projects, fewer small investors lifting our economy into recovery and less tax income at the local level."

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