Statement by Real Estate Roundtable President and CEO Jeffrey D. DeBoer

(WASHINGTON, D.C.) — “The Real Estate Roundtable supports Chairman Smith's budget reconciliation substitute amendment. Taken as a whole, the tax proposals in the Chairman’s amendment will spur needed investment in our nation’s housing supply, strengthen urban and rural communities, and grow the broader economy to the benefit of all Americans.

Importantly, the amendment preserves the deductibility of business-related state and local property tax payments. It ensures that the long-term capital gains rate continues to reward entrepreneurial risk-taking by recognizing the value of sweat equity, business acumen, and other non-cash risks that taxpayers assume in order to build businesses and create jobs, and the amendment expands tax incentives for badly needed new housing construction. The amendment also recognizes the vital role that non-corporate businesses play in the nation's economy.

When combined with spending reductions expected in the overall reconciliation bill, the pro-growth tax measures in the amendment can be expected to lessen the immediate impact on our nation’s budget deficit and begin to address our country’s long term structural, fiscal challenges.”

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