The Biden administration announced the latest Build Back Better framework on October 28. It still isn't clear when the social spending package is up for a vote or even whether it has enough Democratic backing to pass. But if it does become law, there are tax changes that aim to, at least partially, offset the cost.
There would be an impact on commercial real estate industry according to an analysis by the National Multifamily Housing Council.
There isn't an increase in the top marginal tax rate of 37%. However, for those who make $10 million or more in modified adjusted gross income—AGI less investment interest expense—there would be a 5% surtax. Those earning more than $25 million would see a total surtax of 8%.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
