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Government Relations & Public Policy

ICSC Submits Letter Against Proposed IRS Regs

March 3, 2023

On Feb. 27, 2023, ICSC and other real estate groups submitted a letter urging the withdrawal of a proposed IRS look-through rule of REIT ownership that could impair real estate’s access to foreign capital and undermine confidence in the stability and predictability of U.S. tax rules.

The proposed regulation, (REG-100442-22), is broadly concerning to all taxpayers because the U.S. Treasury Department reversed earlier guidance that has been relied on for over 10 years. It did so with little explanation and questionable statutory authority. Worse, Treasury stated that it could challenge taxpayers who had taken contrary positions “before the issuance of final regulations.” This leaves taxpayers in a Catch-22 position where the latest guidance penalizes taxpayers for relying on its earlier guidance.

The letter opposing the change was signed by ICSC, the American Investment Council, the Institute for Portfolio Alternatives, the Managed Funds Association, Nareit and The Real Estate Roundtable.

For more information contact Phillips Hinch at phinch@icsc.com.