ICSC held meetings in September with Congressional offices to discuss key commercial real estate issues, including like-kind exchanges, the 20% pass-through deduction, the promote/carried interest and development incentives. Many provisions included in the Trump era Tax Cuts and Jobs Act (TCJA), like the 20% pass-through deduction (Sec 199A), expire at the end of 2025, thus creating a catalyst for significant legislative action in the tax space next year. The meetings held in September presented the case for ICSC’s tax policy priorities ahead of the 119th Congress. These meetings were held alongside the Congressional Black Caucus (CBC) Annual Legislative Conference and the Congressional Hispanic Caucus (CHC) Institute Annual meetings, respectively.
Attendees of these Congressional meetings included ICSC Trustees Arturo Sneider, Terrence Maiden, Lyneir Richardson and Bo Okoroji and ICSC Members Alexis Suarez and Doug Wiele. They met with House Democratic Caucus Chairman Representative Pete Aguilar (D-CA), House Democratic Caucus Vice Chairman Representative Ted Lieu (D-CA), House Ways and Means Committee members Representatives Jimmy Gomez (D-CA) and Mike Thompson (D-CA), and Representatives Bill Foster (D-IL), Jim Costa (D-CA) and Adam Schiff (D-CA). Congressional staff meetings were held with House Ways and Means Committee staff, as well as the offices of Linda Sanchez (D-CA), Danny Davis (D-IL), Marc Veasey (D-TX), Jasmine Crockett (D-TX), Colin Allred (D-TX) and Lou Correa (D-CA).
Ways and Means member Jimmy Panetta (D-CA) hosted a multi-member roundtable focused on provisions within the U.S. tax code that promote capital formation and reward risk-taking, as well as opportunities and challenges for real estate developers in the communities they serve.
ICSC Trustee Arturo Sneider also spoke on a Congressional Hispanic Caucus Institute panel entitled “Economic Development in Hispanic Communities,” discussing policies to help Latino communities reach their highest potential.
These meetings helped set the table and inform ICSC’s strategy for educating policymakers ahead of the 119th Congress on potential tax consequences. The steep price tag of renewing the Trump era tax cuts, combined with increased attention on the federal debt, create an “everything is on the table” environment, particularly with respect to tax changes that would raise revenue, like carried interest.
For more information and to join ICSC’s efforts, contact gpp@icsc.com.
ICSC Trustee Arturo Sneider participated in a Congressional Hispanic Caucus Institute panel entitled “Economic Development in Hispanic Communities.”