Former Vice President Joe Biden’s presidential campaign recently announced a plan to raise taxes on real estate, including elimination of Section 1031 like-kind exchanges, in order to raise revenue for his $775 billion child and elder care plan. In anticipation of this kind of announcement, FEA has been advocating for the preservation of Section 1031 with key Biden supporters in a number of ways.
We continue to talk with members of Congress. In recent weeks, we have met virtually with key members of Congress, including key members of the Senate and House tax-writing committees to discuss the economic importance of like-kind exchanges.
We are updating our economic studies. FEA’s Government Affairs Committee, along with our lobbying partners at Williams and Jensen, is working with a coalition of real estate industry associations to update the ground-breaking 2015 studies on the economic stimulus provided by Section 1031 like-kind exchanges and the negative impact to the US economy that would ensue from elimination of this important and valuable tax tool.
If you would like to join us in our effort, please contact your members of Congress and ask them to preserve Section 1031. You can click here to take action.