The Federation of Exchange Accommodators submitted a Statement for the Record to the House Ways and Means Committee for the Hearing on How Tax Reform Will Grow Our Economy and Create Jobs Across America. The hearing was held June 1, 2017.
No current proposals specifically call for the repeal or replacement of Section 1031. The statement points out that proposals that would effectively eliminate Section 1031, like the House Republican Blueprint for Tax Reform, would not provide the same benefits to taxpayers or the economy as the benefits provided by like-kind exchanges.
Further, FEA takes the position that Section 1031 like-kind exchanges fit the goals of a simplified tax code: they generate jobs and economic growth.
The FEA appreciates the opportunity to submit these comments.