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
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.