ICSC urges action to oppose CRE tax increases

In Washington D.C., Congress is returning this month to legislative business, namely consideration of a $3.5 billion spending package and how to pay for it. 

ICSC Global Public Policy has created an action alert making it easy for ICSC members to contact their elected officials on Capitol Hill about the pitfalls of certain provisions that will squarely hit our sector.  We urge you to do your part and make your voice heard on Capitol Hill during this critical time!  

ICSC, while supportive of many of the President’s goals, opposes a number of the proposed tax increases that are intended to offset programs in the Build Back Better agenda. The tax code should continue to support entrepreneurial risk-taking and long-term investment, which is exactly the opposite of what a major increase in the capital gains rate and other areas will do. Specifically, ICSC opposes proposals that would penalize our industry, limiting like-kind exchanges, taxing unrealized gain in family businesses and eliminating carried interest for real estate entrepreneurs.

ICSC President & CEO Tom McGee conveyed ICSC’s position to members of the House Ways & Means Committee and Senate Finance Committee on September 2, 2021, outlining our industry’s concerns regarding the proposed provisions.