IPA STATEMENT ON TAX REFORM – November 2, 2017

WHAT IS HAPPENING IN WASHINGTON

Today Republican leaders on the House Ways and Means Committee released details of the Tax Cuts and Jobs Act. The release of the bill text is another significant step forward on tax reform.

  • Click here to read the full legislative text of the Tax Cuts and Jobs Act
  • Click here to read the section-by-section summary
  • Click here to read the policy highlights in the Tax Cuts and Jobs Act

IPA STATEMENT ON TAX CUTS AND JOBS ACT

Today the IPA is gratified to know that Republican Leadership, Chairman Brady and Members of the House Ways and Means Committee reaffirmed the advocacy of our members – the culmination of two years of work.  H.R. 1, the Tax Cuts and Jobs Act, reflects the importance that commercial real estate plays in the United States economy and the job multiplying effects of the real estate industry. H.R. 1 retains section 1031 like kind exchanges for real property, excludes real estate from immediate expensing and provides an industry-based exclusion from the net interest expense limitation.

Although these specific issues are important to our member’s business, the IPA also recognizes and appreciates our close partnerships with a broad coalition of industry association partners.

We agree that the Tax Cuts and Jobs Act should encourage investment and reinvestment in U.S. assets and ensure the best use of real estate.  Going forward, businesses and entrepreneurs can continue to confidently invest in commercial real estate, which strengthens our economy and grows local communities.

IPA ADVOCACY ON BEHALF OF ITS MEMBERS

As tax reform legislation moves through Congress, the IPA remains committed to our tax reform priorities.  We remain in close coordination with our coalition partners and will continue to update our action plan, as necessary, during each step in the process.

Current legislative timeline (subject to change):

Week of November 6 House Ways and Means Committee consideration of bill text (i.e., Committee “markup”)
Week of November 13
House Floor consideration of bill text
November/December  Tax reform bill moves to Senate; possible Senate markup week of November 13

BACKGROUND ON TAX REFORM

Congress began working on comprehensive tax reform following the release by President Trump and Republican leadership on September 27, 2017 of the “Unified Framework for Fixing Our Broken Tax Code”.  This document outlines the overarching principles and significant proposed revisions to the current U.S. tax code, and serves as the framework for Congressional leadership in drafting comprehensive tax reform legislation.