Amid heated debates in Congress over a new tax and fiscal package, the real estate industry is mounting a vigorous defense against proposals that could significantly alter the financial landscape for businesses. The Real Estate Roundtable, alongside 16 other national real estate organizations, has sent a strongly worded letter to members of two key Congressional committees, urging them to reject any proposal to cap or eliminate the deductibility of state and local business property taxes. The proposed cap has been floated by some lawmakers as a potential revenue offset for the broader tax bill.
Jeffrey DeBoer, president and CEO of the Real Estate Roundtable, warned that such a measure would have dire consequences for the country. “It would cause self-inflicted injury to the U.S. economy, including unnecessary job losses, higher rents for families and individuals, and other inflationary pressures,” DeBoer claimed.
He further argued that capping property tax deductibility would lower commercial property values, destabilize the banking system, and potentially trigger a recession. The letter from the Roundtable and its allies described the potential damage to commercial real estate as “almost too significant to imagine.”
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