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The latest Biden Administration infrastructure proposals call for increased taxes to offset the cost of new, expanded programs. ICSC is supportive of these goals; however, we are very concerned that the suggested revenue raisers will fall squarely on retail real estate and other businesses and discourage long-term investment.
Retail real estate was one of the hardest hit sectors by COVID-19. The commercial real estate sector would be negatively impacted by many of the American Families Plan tax provisions, such as ending carried interest, limiting like-kind exchanges and repealing stepped-up in basis for inherited assets. Revenue for infrastructure should be broad-based and not single out a particular industry for punitive treatment.
ICSC opposes legislation to tax carried interest as ordinary income. The retail real estate sector is struggling from the impact of COVID-19. Congress should promote economic growth, not penalize entrepreneurs trying to make our communities better.
ICSC is in favor of preserving Section 1031 (LKEs) to support the efficient deployment of capital and spur capital expenditure that create local jobs, protect property values, generate state and local tax revenue, lower rents and reduce risk in the economy through less leverage. In addition to supporting healthy commercial real estate markets, LKEs are important to farmers and ranchers as well as land conservation efforts.
ICSC opposes removing the stepped-up basis.
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