NAREIT joined a wide range of industry groups on May 10 in urging the leaders of the Senate Finance Committee to retain current law on like-kind exchanges.
In a letter to Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR), the coalition said like-kind exchanges help businesses create jobs and maintain the “ongoing vitality of thousands of American businesses.” The organizations pointed out that like-kind exchanges “result in no change to the economic position of the taxpayer,” much like other tax deferral and non-recognition provisions in the tax code.
The coalition also noted that research has shown “that without like-kind exchanges, businesses and entrepreneurs would have less incentive and ability to make real estate and capital investments.”
(Contact: Cathy Barre at cbarre@nareit.com)