- Posted at 2:55, December 24, 2013
- By Russ Bleemer
A commercial real estate call to arms today on the National Real Estate Investor site: Washington tax code reforms may be coming, and "some ideas under consideration could prove to be toxic to the commercial real estate business."
The article, HERE with free registration, pegs potential changes on depreciation and capital gains rates as worrisome. It especially laments the possible demise of so-called 1031 changes--the Internal Revenue Code section that allows like-kind trades without the need to report a capital gain.
It is "moving toward a tax system that doesn’t encourage saving,and capital formation,” says one Beltway analyst of the proposed changes in the November discussion drafts released by Senate Committee Chairman Max Baucus, D. Mon.
You can check out the proposals by Baucus yourself HERE. Baucus was nominated by President Obama on Friday to be the U.S. ambassador to China.
The article says, "If you're the kind of person who calls your Congressman, it might be a good time to pick up the phone."