NAIOP Welcomes Implementation of Sweeping Tax Reform Measure
"This legislation represents an important victory for
Bisacquino notes that this reform will:
- Preserve Section 1031 like-kind exchanges for real estate.
- Continue taxing real estate carried interests held for three years as capital gains.
- Preserve the deductibility of business interest expense for real estate trades or businesses.
- Reduce the tax rate for many pass-through businesses, including many in real estate.
- Lower the tax rate for corporations to 21 percent.
- Double the estate tax exemption.
- Retain in part the historic preservation and rehabilitation tax credit, the New Markets Tax Credit, and the tax exemption for private activity bonds (PABs).
"A landlord can only do as well as his or her tenants," Bisacquino adds. "Our expectation is that this tax reform legislation will result in long-term economic growth and job creation for our nation."
Download a more in-depth examination of some provisions of the Act: https://www.naiop.org/-/media/Advocate/TaxReform2017-BillDetails.ashx?la=en
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