Magazine article Journal of Property Management

Irem's 2017 Public Policy Priorities

Magazine article Journal of Property Management

Irem's 2017 Public Policy Priorities

Article excerpt

For the first time in six years, the White House and both chambers of the United States Congress are controlled by the same party. During the 2016 election, the Democratic and Republican Parties campaigned heavily on major reform, including revising and modernizing the U.S. Tax Code. Now the Republican Party has the opportunity to act. While it remains to be seen what exactly that reform will look like, we have clues as to what the future may hold.

One possible target is a provision allowing companies to write off depreciation of residential buildings over 27.5 years and commercial properties over 39 years. IREM supports depreciation realistically reflecting the economic life of the property. Last June, Congressional Republicans proposed a tax plan allowing a property to be accounted as a one-time business expense, making depreciation unnecessary.

Two tax provisions returning in 2017 as "high priority" policy issues for IREM are carried interest and Section 1031 like-kind exchanges. …

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