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Building after the bailout

Perspective: Running with the devil

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

The Emergency Economic Stabilization Act of 2008 (EESA) was adorned with billions of dollars in earmarks. Still, it seems there was little room for home builder interests, except the one that's so broad-sweeping that even bi-partisan "frenemies" can all stand behind it: The restoration of confidence. Today, the only constant is change. As Congress moves from crisis to crisis, scrambling to quench whichever fire burns brightest at the moment, we're left to consider: Just what does all this mean?The devil we knowThe home building industry found several items lacking in the legislation:1. A net operating loss (NOL) extension: A group of tax directors from several of the large (mainly public) home builders met recently to discuss their ongoing wish for the extension of the NOL carry-back. The tax director for the Senate Finance Committee spoke to the group and acknowledged that the banks would also see benefit from the relief. Ultimately, House Republicans included the five-year ...