Tax Bill Moves Forward in Senate

The U.S. Senate's version of the tax reform bill, the “Tax Cuts and Jobs Act,” passed out of the Senate Budget Committee earlier this week, clearing a major hurdle on its way to becoming law. The bill moved to the Senate floor for debate earlier today. The House of Representative’s version of the tax bill passed earlier this month.

The Senate bill maintains the Historic Preservation Tax Credit, preserves 1031 “like-kind” exchanges for real estate, lowers corporate and pass-through rates and offers an alternative depreciation schedule for those who wish to maintain the deductibility of interest. 

For more information on both the House and Senate bills and their effect on commercial real estate, visit BOMA’s tax reform page.

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