Tax Reform

With Republicans in control of both Congress and the Administration, comprehensive tax reform is very high on the agenda for 2017 – both for President Trump and the leadership of Congress.

As 2017 begins, it is quite likely that the first tax reform vehicle that will be considered will be the House Republican Blueprint that was released earlier this year and is expected to be updated early next year with more far detail and specificity than we have seen so far.

Notably, President Trump’s vision for tax reform as it evolved during the campaign was largely based on the Blueprint with some key differences.

The Blueprint is likely the beginning move in a very complicated process and is open to change, driven in part by constructive comments from various constituencies and in part by fierce opposition from a variety of interests.

In addition, the views of the Trump Administration may be different than campaign documents suggest and the Senate has not yet weighed into the matter and may not for some time. Simply put, there remains a wide range of potential outcomes for tax reform in 2017.

NAREIT has long supported Congressional efforts to review and improve the tax code. As the tax reform journey begins in earnest, NAREIT will remain actively engaged with policymakers to address any potential implications for REITs and real estate investment generally.

STATUS: Legislation has yet to be introduced.

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