The White House has proposed a tax and spending plan that would end tax deferments on most 1031 exchange transactions effective Dec. 31, 2021. Industry experts are calling the move "potentially devastating" due to the impact on apartment upgrades and rehabs.
According to BISNOW: A study from Ernst & Young estimates the 1031 exchange program drives $4.4B in investments and related consumer spending, and firms participating in or supplying like-kind deals support 568,000 American jobs and $27.5B in wages and benefits. All told, E&Y estimates the existing 1031 exchange rules generate $55.3B in economic impact.
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