Roundtable Submits Requests to Treasury for Guidance on New Tax Laws
January 18, 2018
In an effort to identify temporary or immediate guidance that would provide a boost to economic growth and jobs, Real Estate Roundtable President & CEO Jeffrey DeBoer wrote to Treasury Secretary Mnuchin, offering several suggestions aimed at ensuring the long-term success of the Tax Cuts and Jobs Act (TCJA).
The Jan. 18 Roundtable letter is based on input received from real estate leaders across the country, who share the goals of avoiding economic disruptions and reducing inefficient business restructuring or inactivity pending the issuance of final rules.The Roundtable letter identifies several areas where rulemaking would reduce uncertainty and facilitate continued investment, including:
- the scope of the real estate exception to the new limitation on business interest deductibility;
- the requirements that apply when calculating a taxpayer's eligibility for the new 20% deduction for pass-through business income; and
- the applicable cost recovery periods under the new tax law.
The letter describes each issue and suggests clarifications that would be useful, in the short term, to ensure the new tax law spurs investment, growth and job creation.