While the proposal had been floating around Capitol Hill for awhile, industry advocates had been relatively sanguine about itschances of passage--until that is, the proposal got linked toabolition of the AMT. The real estate associations acknowledge thattax relief from the AMT--which snares a growing number of middleclass families every year--is an important goal. However, theassociations maintain, AMT relief should be decoupled from thisproposal, which could have devastating consequences to theeconomy.
"We support the extension of the AMT relief and other importantexpiring tax provisions--particularly those affecting real estate,"the letter said. "We also appreciate the goal of improving fairnessin the Tax Code and reducing the income disparity in our country.However, we don't believe offsetting the cost of this relief withthe carried interest tax is the right solution."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
