1031 Update on Capitol Hill – August 2022

The Inflation Reduction Act was passed by Congress and signed into law by President Biden on August 16, 2022 without any changes to section 1031. This victory was the culmination of a vigorous, multiyear effort by employees of IPX1031, members of the Federation of Exchange Accommodators, and the 1031 Coalition which is comprised of more than 30 separate trade organizations to oppose President Biden’s campaign proposal to eliminate and later, to limit gain deferral under section 1031 at $500,000.