Originally published on February 20, 2025, by Bergin Fisniku for Elliott Davis.
At the beginning of February, President Trump outlined his tax priorities in a meeting with Republican lawmakers, revealing a few new proposals not previously mentioned on the campaign trail. One notable item on his agenda is the push to end the so-called “carried interest loophole.”
Originally published on December 18, 2024, by Aquiles Suarez for NAIOP.
Congress is expected to close the year this week by agreeing to pass a continuing budget resolution to avoid a government shutdown before Christmas. That will push the funding debate to at least March 2025, when NAIOP will again advocate for its members in the biggest tax reform fight of the last decade. But a strong year for advocacy in 2024 prepares us well for the future.
Last week, the U.S. Senate passed the Inflation Reduction Act of 2022, a $740 billion budget reconciliation measure with provisions to address climate change and energy security, extend federal healthcare subsidies, and allow Medicare to negotiate prescription drug prices. As we informed you last week, the bill, which had been negotiated by Senate Majority Leader Charles Schumer (D-NY) and Senator Joe Manchin (D-WV), contained a proposal changing the taxation of carried interests that would have harmed the commercial real estate industry and real estate entrepreneurs.
When the Schumer-Manchin agreement was announced, NAIOP and NAIOP Arizona, along with our national real estate allies, mobilized to support Senator Kyrsten Sinema (D-AZ) in her efforts to oppose the proposed changes to carried interest. In order to ensure her vote, the proposal was dropped from the bill before the legislation was brought up for floor debate.
Posted on January 17, 2019
The new Congress in Washington, D.C., features plenty of new faces, with Democrats controlling the House of Representatives for the first time since 2010. But the new class will be dealing with some old problems as 2019 begins.
Most of the government was funded before the start of the 2019 fiscal year, which began in October. Yet 25 percent of the federal government remains shut down after lawmakers and President Donald Trump couldn’t agree on a spending deal. Trump insists he wants $5 billion to fund a wall along the Mexican border, which Democrat lawmakers are refusing. The president says the shutdown could last for “months or even years.”
Also, the lame duck Congress failed to address some technical mistakes it made when writing the 2017 Tax Cuts and Jobs Act. For example, when they were writing the bill, lawmakers wanted to allow real estate businesses to depreciate Qualified Improvement Property (usually expenditures associated with interior tenant improvements) over a time span of 15 years. Instead, because of a drafting error, the law as written imposes a 39-year depreciation schedule.
NAIOP is part of a coalition encouraging the administration and lawmakers to fix that mistake. Congressional lawmakers in both parties acknowledge the mistake and want it fixed. Before the outgoing Congress wrapped up, former House Ways and Means Committee chairman Kevin Brady released a draft reform bill for discussion. The new chair of the committee, Richie Neal (D-MA), says he wants to hold hearings to discuss the tax law. But making any technical corrections will require passing a new law, and it isn’t clear when that might happen.
Posted on December 11, 2018
Lawmakers return to Washington, D.C., this week to continue their post-election lame-duck session. It isn’t clear exactly what issues they will deal with, but taxes and spending are major concerns.
Posted on November 7, 2018
President Donald Trump and Republican lawmakers are promising to pass legislation to deliver further tax relief for the middle class.
Posted on October 12, 2018
Lawmakers in both parties are beginning to understand the real-world consequences of a drafting error in the 2017 Tax Cuts and Jobs Act and are asking for a fix. Last week, a group of 12 Senate Democrats sent a letter to Treasury Secretary Steven Mnuchin urging action on the tax treatment of Qualified Improvement Property (QIP). A similar letter from 58 House Republicans was also delivered to Speaker Paul Ryan.
Posted on July 2, 2018
The U.S. Supreme Court ruled in South Dakota v. Wayfair, Inc. that states may collect sales taxes from online retailers, even if those sellers do not have a physical location in the state. That reverses a decision the Court had made in 1992 in Quill Corp. v. North Dakota.
On May 30, 2018, the three chapters of NAIOP North Carolina, visited capitol hill to advocate. A special thanks to Jason Moore (Charlotte Legislative Committee Chair) and Joe Padilla (REBIC) for helping coordinate visits with legislators to speak about the commercial real estate perspective. While this is a short session (this means the time of the session is short, but also that new legislation cannot be introduced), it is of critical importance the state senators and representatives know who NAIOP is and what we represent.
Posted on May 10, 2018
On Wednesday, May 9, 2018, NAIOP Charlotte hosted a form for more than 90 people on the upcoming Mecklenburg Tax Revaluation and the impacts of Federal Tax Reform on Commercial Real Estate. A special thanks to our speakers: Bobbi Jo Lazarus, Elliott Davis, Ken Joyner and Christy Lantis, both from the Mecklenburg County Tax Assessors.
Posted on May 4, 2018
The Supreme Court is expected to issue a decision by the end of June in South Dakota v. Wayfair, Inc., et al, a case that could change how sales taxes are collected on Internet purchases.
Posted on March 13, 2018
A recent Advantage Series webinar helped members understand the implications of the new 2018 Tax Reform law, thanks to Crystal Christenson of the accounting firm Wipfli, LLC.
Posted on March 5, 2018
Interest groups in California are collecting signatures in order to place an initiative on the November ballot that could change the way property taxes are calculated.
Posted on December 19, 2017
Last Friday, House and Senate negotiators came to an agreement on what is sure to be far-reaching reform of our existing tax code. The Tax Cuts and Jobs Act will be voted on this week and is expected to pass and be signed by President Trump.
Posted on December 8, 2017
NAIOP's legislative team is committed to keeping you informed throughout this historic tax reform legislative process with progress updates and what the legislation means for the commercial real estate development industry.
Posted on December 6, 2017
Join REBIC for an exclusive conversation with Mick Mulvaney (Director of the White House, Office of Management and Budget and Consumer Financial Protection Bureau), who will discuss the President’s vision for federal Tax and Regulatory Reform, and how it will impact the Real Estate Industry.
Posted on November 16, 2017
Last Thursday, the Senate Finance Committee released draft tax reform legislation that they will move through committee later this week. The Senate bill was released after the House Ways and Means Committee passed its version of tax reform earlier that day.
Posted on November 3, 2017
House leaders took a significant step forward with tax reform efforts on Thursday with the release of the Tax Cuts and Jobs Act, H.R.1, which includes an expansive set of proposed changes to the corporate and individual tax system.
Posted on October 9, 2017
Below are some details on the recently released Unified Framework for Fixing Our Broken Tax Code, in which the Trump administration and congressional Republican leadership have outlined chief areas of agreement for tax reform legislation.
