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TIC Sector Mobilizes Amid Budget Scare

(For the full story, please click on the latest issue of Net Lease Forum). The exact language of the proposal remains elusive, but from what a variety of TIC industry sources have been able to gather, among potential revenue raisers floated by the Senate Committee on Finance to help bridge the budget-tax revenues gap was a proposal that would deem tenant-in-common investment interests not like-kind property for 1031 exchange purposes. There were some accounts that the…

By Michelle Napoli | Updated on May 23, 2006

(For the full story, please click on the latest issue of Net Lease Forum) .

The exact language of the proposal remains elusive, but from what a variety of TIC industry sources have been able to gather, among potential revenue raisers floated by the Senate Committee on Finance to help bridge the budget-tax revenues gap was a proposal that would deem tenant-in-common investment interests not like-kind property for 1031 exchange purposes. There were some accounts that the proposal specifically targeted securitized TIC interests.

“Nobody knows the facts, but there was a proposal on the table to eliminate TICs under the definition of section 1031,” says Tim Snodgrass, president of the Tenant-in-Common Association. He notes that typically during this sort of political process, economists are asked to “score” such measures for their potential impact as revenue raisers. “And what we understand is it was scored that if they did this, it would raise $1 billion.”

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