Category: Company and Industry News

Last week, several members of Accruit joined other industry colleagues at the annual FEA conference in Chicago to hear about the latest updates regarding tax reform and the potential impact to 1031s. Through the efforts of the 1031 Coalition, the 1031 industry was successful in ensuring capping 1031s were not part of the revenue offsets presented by the House of Representatives earlier this month. This is a positive outcome as we typically see the Senate follow the lead on tax offsets from the House.  Furthermore, on the Senate floor last month, Senator Kennedy (LA) submitted an amendment during a “vote-a-rama” to retain 1031s in their current state. Per the request of Senate Finance Chairman Wyden (OR) the vote was taken as a voice-vote and received unanimous support from all Senators.
This week, 1031 like-kind exchanges allow the country to repurpose inefficient commercial properties, 1031s actually produce a positive economic benefit, increase income taxes, and create additional jobs by stimulating our economy, and any attempts to cap the 1031 provision is equivalent to repeal.  Senators Bennet (CO), Tester (MT) and Kennedy (LA) all showed wide support and understanding of our data and points of impact. 
The efforts are not over and work still needs to be done.  Accruit will participate in additional Hill meetings in the coming weeks.  We still ask that anyone who may be impacted by a change in the 1031 code, please

Last week, several members of Accruit joined other industry colleagues at the annual FEA conference in Chicago to hear about the latest updates regarding tax reform and the potential impact to 1031s. Through the efforts of the 1031 Coalition, the 1031 industry was successful in ensuring capping 1031s were not part of the revenue offsets presented by the House of Representatives earlier this month. This is a positive outcome as we typically see the Senate follow the lead on tax offsets from the House.  Furthermore, on the Senate floor last month, Senator Kennedy (LA) submitted an amendment during a “vote-a-rama” to retain 1031s in their current state. Per the request of Senate Finance Chairman Wyden (OR) the vote was taken as a voice-vote and received unanimous support from all Senators.
This week, 1031 like-kind exchanges allow the country to repurpose inefficient commercial properties, 1031s actually produce a positive economic benefit, increase income taxes, and create additional jobs by stimulating our economy, and any attempts to cap the 1031 provision is equivalent to repeal.  Senators Bennet (CO), Tester (MT) and Kennedy (LA) all showed wide support and understanding of our data and points of impact. 
The efforts are not over and work still needs to be done.  Accruit will participate in additional Hill meetings in the coming weeks.  We still ask that anyone who may be impacted by a change in the 1031 code, please

The White House recently released details of President Joe Biden’s proposed $1.8 trillion American Families Plan. The Plan includes a cap on gains deferred through a 1031 exchange as a way to defray part of the Plan’s overall cost. The proposed limitation to 1031 exchanges would negatively impact American families and businesses.
This week, House Ways and Means Chairman Richard Neal notified the Committee’s members to be ready for the Committee reconciliation markup September 9-14. The Committee’s mark-up of their portion of the reconciliation bill will include all tax-related items in the legislation -this may include the proposed cap on Section 1031.
By clicking ‘take action today’ below you can quickly and easily send a letter to your representatives to let them know they should preserve Section 1031 rules and regulations in their current state.