Tax Reform

Nareit has long supported Congressional efforts to review and improve the tax code and will remain actively engaged with policymakers to address any potential implications for REITs and real estate investment generally.

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 the House, Senate and White House continue their discussions to mold a single tax reform plan, it appears that a starting point for these "unity" discussions continues to be the House Republican Blueprint that was released in June 2016. Notably, President Trump’s vision for tax reform released in April of this year 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 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: On Nov. 2, 2017, the House Ways and Means Committee released H.R. 1, The Tax Cuts and Jobs Act. On Nov. 9, 2017, the Ways and Means Committee voted along party lines to approve H.R. 1. On Nov. 9, 2017, the Senate Finance Committee released a Description of the Chairman’s Mark of its tax reform bill, also entitled the Tax Cuts and Jobs Act. Statutory language was not released. On Nov. 16, 2017, the House passed H.R. 1, by a party-line vote of 227-205, and the Senate Finance Committee approved the Senate Finance Committee Chairman’s Modified Mark (as amended pursuant to a “Manager’s Amendment”) by a party-line vote of 14-12. On Dec. 2, 2017, the Senate approved the Tax Cuts and Jobs Act by a vote of 51-49.


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