With 24/7 coverage of ongoing global events dominating the news cycle, it's easy to lose sight of what's happening with U.S. legislation critical to our industry.
Tax reform negotiations are imminent: House Speaker Paul Ryan has promised to release an outline of a tax reform plan the week of September 25, followed by negotiations between the House, Senate and administration.
This is the first major tax reform in more than three decades, and the stakes for commercial real estate are high. We have been closely working with Congress to ensure legislative programs and incentives critical to our industry are carefully considered throughout the negotiation process, including:
- Deductibility of interest payments on financing.
- Section 1031 like-kind exchanges.
- Taxing real estate carried interest as ordinary income instead of capital gains.
We have been firm that tax reform should lead to economic growth and job creation, and that it acknowledge the long-term nature of commercial real estate investment. (Read our July 28 opinion editorial in The Hill online.)
An informed, engaged chapter membership is one of our best tools. We will keep you up-to-date as information on this critical industry issue becomes available and the need for members to communicate with their elected officials arises.
Watch for regular updates in the weekly NAIOP Source newsletter and plan to attend a special legislative briefing led by our legislative team during NAIOP's CRE.Converge conference, October 10-12 in Chicago.
As always, thank you for your support of NAIOP.