The Federation of Exchange Accommodators submitted a statement for the record to the Senate Finance Committee for a hearing on FY2018 Budget Proposals. The hearing was held June 1, 2017.
The statement points out that while there are no current specific proposal to repeal or replace like-kind exchanges, some legislators believe that like-kind exchanges would not necessary under proposed changes. FEA disagrees with this conclusion.
Current proposals that would effectively eliminate Section 1031 would not provide the same benefits to taxpayers or the economy as the benefits provided by like-kind exchanges.