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Large portions of the Tax Cuts and Jobs Act of 2017 (TCJA) expire at the end of this year. Discussions are currently underway to draft a new tax bill and lawmakers are considering ways to extend or enhance current provisions in the law. One alarming proposal being given serious consideration would eliminate a business’ ability to deduct state and local property taxes from federal tax returns (a concept known as Business SALT or “B SALT”).
Estimates suggest that eliminating this deduction would generate $400 billion in additional revenue for the federal government over the next 10 years. The revenue would be used to offset other provisions in the tax bill.
State and local property taxes represent 40% of the operating costs of U.S. commercial real estate, representing a greater expense than utilities, maintenance and insurance costs combined. This proposal would lower commercial property values, driving investors to exit and discouraging new construction and development at a time when there are supply shortages in some real estate sectors.
For more information contact phinch@icsc.com.