Rep. Steven Horsford (D-NV) joined Nareit President and CEO Steve Wechsler for a fireside chat during Nareit’s REITworks: 2023 Conference in Las Vegas on June 28-29.
Horsford is chair of the Congressional Black Caucus and is also a member of the Problem Solvers Caucus, a group equally divided between Democrats and Republicans that discuss issues around economic development, workforce skills, training, and data privacy—“the things that actually matter in people's lives,” Horsford said.
Horsford commended the REIT and commercial real estate industry for recognizing the role it plays in mitigating the effects of climate change. Turning to the impact of the Inflation Reduction Act (IRA), he noted that the tax credits for solar, wind, and geothermal investments that are contained in the act are particularly important for Nevada.
“We don't have fossil fuels, but we do have an abundance of sun,” Horsford said. In Nevada, the tax credits for the installation of solar panels and battery storage systems are helping 75,000 more households use solar, he noted.
Horsford also pointed out that the IRA includes a tax credit he introduced, the Dynamic Glass Act, which applies for construction that begins prior to Jan. 1, 2025. He noted that dynamic glass increases energy efficiency by almost 50%. “I'm hopeful that the commercial real estate industry…will look into the benefits of dynamic glass,” he said.
Meanwhile, one of the notable developments that came out of the IRA is that the various tax credits for energy related activities are transferable, Horsford noted. Such historic tax provisions have incentivized private sector investment, he said, “that's why I'm such a big supporter of the real estate investment community, of commercial real estate, of firms that provide capital.”
On the issue of Nevada’s scarce water resources, Horsford noted that the hotel industry and commercial developers “are actually the most efficient water users.”
Horsford also commended Nareit and other real estate organizations that have joined with SupplierGATEWAY to increase diversity, equity, and inclusion across the commercial real estate industry supply chain.
“You're not doing it because it's a woke-ism. You're doing it because it's an imperative for your business. It's an imperative for your return on investment. It's imperative for your shareholders. As long as we can show that return on investment, then we should actually be leaning into diversity, equity, and inclusion,” Horsford said.
Meanwhile, Horsford noted that prior to his political career he was CEO of the Culinary Training Academy, a joint labor management partnership between all of the signatory employers and hotels in Las Vegas and the Culinary Workers Union and bartenders’ union. “I learned then the importance of partnership working across different interests, whether it be private sector, labor, or community, to produce results.”