Tax Reform Proposals
This process is not over; anything can happen during the horse-trading to reconcile the bills and get the votes. Even real estate exchanges are not out of the woods. If your business or clients own machinery, equipment, vehicles, barges, boats, aircraft or other hard assets, you need to make your legislators aware that temporary full expensing is not a trade-off for permanent repeal of Section 1031. All taxpayers and advisors should continue to speak up to reinforce the powerful economic stimulus to the U.S. provided by like-kind exchanges, and the benefits that Qualified Intermediaries provide in making Section 1031 widely accessible to taxpayers at all levels.
Click here (www.ipx1031.com/action) to take action and let your legislators know how important Section 1031 is to you, your business and your clients. It only takes 30 seconds for YOU to make a difference.
The overarching objective for everyone that benefits from this powerful economic stimulator must be to avoid having Section 1031 included in a new tax reform bill. Insiders believe that if a repeal or limitation on Section 1031 is included in a new draft we will have a very difficult, uphill battle to preserve Section 1031.
Stakeholders need to advocate NOW in favor of retaining Section 1031. They must immediately contact their Representatives and Senators and convince them NOT to put 1031 repeal or limitations in a Tax Reform bill.
If a Section 1031 repeal or limitation proposal makes it into a Tax Reform bill, then taxpayers, their representatives and businesses of all kinds affected by the measure will have to expend an enormous amount of energy and money to fight the legislation for the next 3 years.
Anyone sitting on the fence and thinking that they don’t have a stake in this or aren’t willing to contribute to the effort should view these events in terms of efficiency of resources.
A four month sprint is cheaper and easier than a three year marathon. If stakeholders don’t join the four month fight, we are guaranteed a three year fight.
All of this activity takes the immediacy of this issue to a very high level.
The overarching objective for everyone that benefits from this powerful economic stimulator must be to avoid having Section 1031 included in a new tax reform bill. Insiders believe that if a repeal or limitation on Section 1031 is included in a new draft we will have a very difficult, uphill battle to preserve Section 1031.
Stakeholders need to advocate NOW in favor of retaining Section 1031. They must immediately contact their Representatives and Senators and convince them NOT to put 1031 repeal or limitations in a Tax Reform bill.
If a Section 1031 repeal or limitation proposal makes it into a Tax Reform bill, then taxpayers, their representatives and businesses of all kinds affected by the measure will have to expend an enormous amount of energy and money to fight the legislation for the next 3 years.
Anyone sitting on the fence and thinking that they don’t have a stake in this or aren’t willing to contribute to the effort should view these events in terms of efficiency of resources.
A four month sprint is cheaper and easier than a three year marathon. If stakeholders don’t join the four month fight, we are guaranteed a three year fight.