On March 16, FEA joined 30 members of the Real Estate Coalition in sending a letter to the chairmen, ranking members and chief counsels of the Senate Finance Committee and House Ways & Means Committee, extolling the importance of Section 1031 exchanges to the U.S. economy.
The coalition represents national real estate, housing, environmental, farming, ranching, forestry, conservation and financial-services related organizations.
The letters outline the importance of like-kind exchanges in:
- Accelerating economic recovery from the pandemic by preventing real properties from languishing, being underutilized and underinvested;
- Helping small and minority-owned businesses expand and grow;
- Creating jobs;
- Improving the operations of farmers, ranchers and forest owners;
- Promoting land conservation and environmental protection;
- Helping increase the supply of affordable rental housing;
- Providing tax revenue for states and localities;
- Contributing to the retirement savings for many Americans;
- Reducing the cost of capital and making the economy more efficient;
- Providing federal tax revenue in the years following the like-kind exchange;
- Helping stabilize property values and real estate markets during an economic crisis.
