May 13, 2015 By director

Texas Association of Business Supports Like-Kind Exchanges

The Texas Association of Business (TAB), representing 4,000-plus business members and more than 200 Texas chambers of commerce, expressed support for like-kind exchanges in a May 5, 2015 letter sent to U.S. Representative Brian Babin. The TAB urged Rep. Babin to support the retention of Section 1031 in the law’s present form, and to oppose the proposals to eliminate like-kind exchanges.

Read the Texas Association of Business’ letter to Congress here.

Find more information about the Texas Association of Business on their website.

IRC Section 1031 like-kind exchanges help a taxpayers at all levels expand their businesses and invest for the future, with a significant positive impact on economic growth. Like-kind exchanges are used widely in the real estate, transportation, agriculture, conservation, equipment leasing, rental vehicle and construction industries. Section 1031 contributes significantly to American jobs, investment, tax revenue, and the health of the U.S. economy.

Section 1031 complements expected tax reform proposals, such as the House Republican Blueprint, and should be retained in its present form. Economic studies found that limiting or repealing like-kind exchanges would result in economic contraction and job loss.