The tax code is currently in the process of being rewritten
by Congress and it seems that real estate will be the only industry that will
not be limited. Some industries, such as car dealers, oil and gas pipeline
managers, cruise lines, private equity and craft beer and wine producers, did
well through tax cuts, but not as well as real estate. House and Senate
Republicans both offered large reduced rates towards family-owned firms,
partnerships and corporate giants across the board, but commercial real estate
was left untouched.
Tax deference on exchanges of similar kinds of property
affected most industries. New limits on deductions for interest payments were
introduced for most businesses. (For example: pharmaceutical companies and
domestic manufacturers no longer have some industry-specific breaks, such as
the tax credit for “orphan drugs”, in exchange for lower rates.) But crickets
chirp when real estate is brought up; no tax deference on 1031 exchanges
proposed; no limits on interest deductions.
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