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Government Relations & Public Policy

ICSC Urges Congress to Preserve Like-Kind Exchange Rules

April 11, 2024

ICSC joined 35 other organizations in submitting a letter to House and Senate leaders on April 10 expressing strong support for preserving the like-kind exchange rules under Internal Revenue Code Section 1031.

The letter states, in part:

“The benefits of section 1031 clearly were well-understood when the Senate voted unanimously in 2021 to amend its budget resolution to include an amendment in support of preserving like-kind exchanges. Today, following years of careful legislating and regulatory rulemaking, section 1031 supports job growth and stable commercial real estate markets; creates a ladder of economic opportunity for small businesses, cash-poor entrepreneurs, and farm, ranch, and forest owners; and constitutes an important tool for the environmental conservation of land for future generations.”

ICSC was joined on the letter by Alternative & Direct Investment Securities Association, American Cotton Shippers Association, American Farm Bureau Federation, American Hotel and Lodging Association, American Land Title Association, American Resort Development Association, American Seniors Housing Association, American Society of Farm Managers and Rural Appraisers, Asian American Hotel Owners Association, Associated Builders and Contractors, Associated General Contractors of America, BOMA International, CCIM Institute, Commercial Real Estate Finance Council, Federation of Exchange Accommodators, Forest Landowners Association, Institute for Portfolio Alternatives, Institute of Real Estate Management, Land Trust Alliance, Latino Hotel Association, Manufactured Housing Institute Mortgage Bankers Association, NAIOP, the Commercial Real Estate Development Association, Nareit, National Apartment Association, National Association of Black Hotel Owners, Operators & Developers, National Association of Home Builders, NATIONAL ASSOCIATION OF REALTORS®, National Cattlemen’s Beef Association, National Corn Growers Association, National Multifamily Housing Council, REALTORS® Land Institute, The Conservation Fund, The Nature Conservancy and The Real Estate Roundtable.