NAREIT and a coalition of real estate organizations wrote to Reps. Patrick Tiberi (R-OH) and Danny Davis (D-IL) on March 17 to express their support for legislation aimed at excluding from gross income certain contributions to the capital of a partnership.
The Preserving Investment in Neighborhoods Act (H.R. 1416) “upholds public/private partnerships by extending the exemption from federal income tax upon the receipt of state/local economic development and infrastructure funds to all entity types,” according to the real estate groups.
Tiberi and Davis both serve on the House Ways and Means Committee and are co-sponsoring the bill.
(Contact: Dara Bernstein at firstname.lastname@example.org)