Leaders from the Atlanta Commercial Board of REALTORS® joined more than 8,900 colleagues from across the nation to lobby federal legislators and regulators at the 2016 NAR Legislative Meetings in Washington, DC, earlier this month.
This year's top commercial legislative priority is the preservation of Section 1031 Like-Kind Exchanges in the federal tax code.
"Since 1921, the Section 1031 provision has allowed investment real estate to be exchanged for property of a like kind on a tax-deferred basis," said ACBR President Steve Dils. "These exchanges are essential to the commercial real estate sector and economic growth. Repealing Section 1031 would be disastrous."
More than 60 percent of REALTORS® have participated in a 1031 exchange transaction in the past four years. Economists predict that a repeal would result in the loss of jobs and economic growth with little gain in revenue.
Though comprehensive tax reform is not likely to be enacted this year, key Members of Congress are still exploring the possibility of limited tax changes. Atlanta REALTORS® worked hard to educate Georgia's congressional delegation about the vital role that commercial real estate tax provisions play in the nation’s economy.
ACBR members met with Senators Johnny Isakson and David Perdue, as well as U.S. Representatives Hank Johnson (GA-4), John Lewis (GA-5), Tom Price (GA-6), Rob Woodall (GA-7), Barry Loudermilk (GA-11), and David Scott (GA-13).
2016 ACBR President Steve Dils with U.S. Senator David Perdue