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What to Watch in the Tax Reform Process

Deductions for carried interest and mortgage interest are just two areas where the House and Senate packages part company with one another.

By Paul Bubny | Updated on November 13, 2017

Photo of Kevin Brady Kevin Brady, chairman of the House Ways & Means Committee.

WASHINGTON, DC—Generally speaking, commercial real estate came off pretty well in the House Ways & Means Committee’s $1.51-trillion tax reform measure, GlobeSt.com reported earlier this month. Now the Senate Finance Committee has introduced its own version of the plan, and there are enough differences between the two bills that the final scorecard for CRE will depend on whether the Senate or House language prevails on specific points.

There are key similarities, as well. The Commercial Real Estate Finance Council notes that both the House and Senate plans would maintain the deduction for interest on commercial loans, like-kind exchanges for real property under Section 1031 of the Internal Revenue Code and the existing regimes for commercial property cost-recovery and depreciation.

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