Debt Ceiling Increase Enacted as House Democrats Consider Cuts to $3.5 Trillion Reconciliation Bill

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TAX ISSUES AFFECTING CRE:

Tax issues affecting CRE are summarized in The Roundtable’s summary on Real Estate Tax Issues and Budget Reconciliation Legislation. Read Roundtable Weekly for more details on tax, energy and transportation legislation.

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Share your views on reconciliation legislation moving through Congress -- and how it would significantly impact CRE in the areas of capital gains, step-up in basis, estate taxes and like-kind exchanges. Links to find your Members of Congress and a suggested Roundtable letter are provided.

October 15, 2021 Debt Ceiling Increase Enacted as House Democrats Consider Cuts to $3.5 Trillion Reconciliation Bill President Joe Biden yesterday signed a $480 billion increase in the federal government’s debt limit to $28.9 trillion, narrowly avoiding an Oct. 18 national default deadline. The debt increase – passed by the Senate last week and the House on Tuesday – sets the stage for another fiscal cliff negotiation in less than two months, when both the debt limit and funding for the government run out on Dec. 3. Read Full Article