We have learned from our friends at ICSC that there may be additional efforts in the U.S. Senate to revive consideration of the carried interest tax increase. Senator Max Baucus (MT-D) introduced a new version of the tax extenders bill, paid for with the carried interest tax increase that he would like to move in the next couple of weeks. This provision would establish a more than 100% permanent tax increase on real estate partnerships.
We know that several of our national associations in addition to ICSC, including NAIOP, IREM, and BOMA International, are following this issue closely in D.C. As they continue to monitor developments related to the carried interest tax, locally we should continue to educate elected officials and candidates about this issue and ask them to oppose efforts to tax commercial real estate as the industry tries to recover from the recession. More information to follow as events merit.
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