Powerful landowner tool ends up on the negotiating table as tax reform takes center stage in Washington during the closing months of 2017.
Just last month on Capitol Hill, congressional staffers made it clear that potential large-scale changes to Section 1031 like-kind exchanges are being considered in order to pay for the corporate tax rate cut championed by the administration. Congressional leadership and President Trump recently â€œcleared the deckâ€ to enact tax reform by the end of the year. The administrationâ€™s tax proposal framework comes on the heels of a short-term deal with congressional Democrats to delay a debt ceiling vote until December. Tax reform is expected to proceed under a budget reconciliation process that will facilitate a simple majority vote in the Senate. Landowners, real estate professionals, and other stakeholders who want to ensure the Section 1031 like-kind exchanges are preserved need to reach out to their elected officials and emphasize the importance of preserving Section 1031 exchanges. Personal letters and telephone calls have the most impact. Another option is to send a letter to your representatives by visiting http://www.1031taxreform.com/take-action.