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As the tax reform debate begins to heat up, NMHC/NAA are redoubling our efforts to reach policymakers on the key priorities for the industry.
Most recently, Tom Moran, Chairman, Moran & Company, David Schwartz, CEO & Co-Chairman, Waterton Associates and Toby Bozzuto, President & CEO, The Bozzuto Group joined NMHC/NAA staff in a series of meetings with Ways and Means Committee Ranking Member Richard Neal (D-MA), Reps. Pat Tiberi (R-OH) and Erik Paulsen (R-MN) and senior tax staff for Speaker Paul Ryan (R-WI), Chairman Kevin Brady (R-TX), and Representatives Joe Crowley (D-NY), Jim Renacci (R-OH), and Peter Roskam (R-IL).
The discussions focused on the House Republican Blueprint on tax reform released last June and the trade-offs between the plan’s proposals to lower pass-through tax rates to 25 percent and enable the immediate expensing of business investments (including multifamily buildings), while eliminating interest deductibility. Additionally, the industry leaders voiced their support for, like-kind exchanges, sensible cost recovery rules, investment incentives and retaining stepped-up basis for inherited assets.
Given the importance of tax reform to the industry, NMHC/NAA would greatly benefit from and appreciate member input as we continue our advocacy efforts around the issue. NMHC staff are convening a joint Tax and Finance Committee meeting on January 24 at NMHC’s Annual Meeting in San Diego to discuss the House Blueprint. Robert Schachat of Ernst & Young LLP’s real estate tax practice will lead an open discussion among NMHC members on the Blueprint and its potential impact on the apartment industry. All NMHC members are strongly encouraged to attend. In preparation for that meeting, click here for a detailed memo on the key tax reform issues for the apartment industry.