COR2319. Real Estate Tax Policy and Legislative Update

This session will review recent real estate tax policy and legislative developments and the outlook for tax legislation going forward. What tax changes are likely in the short and medium term, and how will those reforms affect U.S. real estate? What is the potential impact of the 2024 election on real estate ownership and investment? How will Congress address key issues, such as the approaching expiration of provisions in the 2017 tax bill? Topics we will discuss include proposals to: restrict like-kind exchanges (section 1031); tax carried interest at ordinary income rates; end the step-up in basis of assets at death; tax unrealized capital gains; encourage office-to-residential property conversions; reform the deductibility of state and local taxes; expand Opportunity Zones; restrict foreign investment in U.S. real estate; limit the flexibility of real estate partnerships; promote greater energy efficiency in buildings; and much more.

Learning Objectives:

• Recall recent and proposed real estate-related tax legislation, including prospects for enactment.
• Estimate and consider the potential economic consequences of pending tax policy proposals.
• Identify the political landscape in Washington and its implications for tax and other real estate-related policy reforms.