Real Estate Industry Unified Against White House Tax Proposals
NAHB, along with the major real estate trade associations representing both the commercial and residential real estate sectors, pushed back in identical joint statements to the House Ways and Means Committee and the Senate Finance Committee on tax increases proposed as part of the Biden administration’s push on infrastructure.
The submission focuses on changes that would directly and negatively affect real estate, including limiting 1031 Like-Kind Exchanges; doubling the long-term capital gains tax rate; eliminating carried interest; and significant increases to the estate tax.
NAHB continues to engage with Congress on potential tax changes that may be included in an infrastructure bill, and we are pleased to stand as part of a united real estate sector against changes that will increase the cost of real estate, particularly in light of the nation’s housing affordability crisis.
The administration’s tax plan faces an uncertain future as no Republicans are expected to support it, and proceeding forward with only Democrat support will be challenging with the slim majorities they hold in the House and Senate.