The general consensus was that tax reform is unlikely to occur this year, however all confirmed the bipartisan desire for base-broadening, rate-reducing tax reform in the not too distant future.
These Hill Visits are an important part of the ongoing behind-the-scenes process to educate and to raise awareness of IRC Sec. 1031. Although many of our legislators have some awareness of Section 1031, there are still many questions that arise from misinformation they receive. The Hill Visits last week focused on showing 1031’s powerful economic stimulus and the ripple effect of how 1031 transactional activity promotes job growth, wages and taxable revenue at local, state and federal levels, in addition to what the painful costs to the US economy could be if this transactional incentive was to be removed.
Hill Visits will be made in the near future, and we will continue to share updates.