On March 16, FEA joined 30 members of the Real Estate Coalition in sending a letter to U.S. Treasury Secretary Janet Yellen, extolling the importance of Section 1031 exchanges to the U.S. economy.
The coalition represents national real estate, housing, environmental, farming, ranching, forestry, conservation and financial-services related organizations.
The letter outlines the importance of like-kind exchanges in:
- Accelerating economic recovery from the pandemic by preventing real properties from languishing, being underutilized and underinvested;
- Helping small and minority-owned businesses expand and grow;
- Creating jobs;
- Improving the operations of farmers, ranchers and forest owners;
- Promoting land conservation and environmental protection;
- Helping increase the supply of affordable rental housing;
- Providing tax revenue for states and localities;
- Contributing to the retirement savings for many Americans;
- Reducing the cost of capital and making the economy more efficient;
- Providing federal tax revenue in the years following the like-kind exchange;
- Helping stabilize property values and real estate markets during an economic crisis.
