NAREIT Joins Groups Calling on Senate Finance to Retain Like-Kind Exchange Rules

NAREIT and its partners in the Like-Kind Exchange Stakeholder Coalition are encouraging the Senate Finance Committee to retain current law regarding like-kind exchanges under section 1031 of the Internal Revenue Code. The organizations also backed retaining the current unlimited amount of gain deferral.

In a letter sent to Senate Finance Committee Chairman Orrin Hatch (R-UT) on July 17 in response to his request for comments from tax reform stakeholders, the coalition emphasized that “like-kind exchanges are integral to the efficient operation and ongoing vitality of thousands of American businesses.”

Real estate is among a broad range of industries that rely on like-kind exchanges as part of their business. The letter cites a study by researchers at the University of Florida and Syracuse University which concludes that without like-kind exchanges, businesses and entrepreneurs would have less incentive and ability to invest in real estate and make other capital investments.

(Contact: Dara Bernstein at dbernstein@nareit.com)

The Nareit Developments section on reit.com provides updates of Nareit's activities and key events impacting the REIT and commercial real estate industry. Nareit is the worldwide representative voice for REITs and publicly traded real estate companies with an interest in U.S. real estate and capital markets. Please see our Terms of Use.