New Research Highlights Economic Contributions of Like-Kind Exchanges
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As Section 1031 faces threats from Biden Administration, research found like-kind exchanges generate $7.8 billion in federal, state and local taxes this year.
“It’s a myth that Section 1031 is a loophole for the wealthy to avoid paying taxes,” said Julie Baird, FEA President. ANKENY, Iowa (PRWEB) June 01, 2021 New economic research estimates Section 1031 like-kind exchanges will contribute 568,000 jobs and $27.5 billion in labor income to the national economy and $55.3 billion to the U.S. gross domestic product in 2021, according to the Federation of Exchange Accommodators (FEA).
The research, conducted by Ernst and Young, also found that like-kind exchanges will generate approximately $7.8 billion in federal, state and local taxes this year. In addition, foregone depreciation, or reduced deductions, on the replacement
A bipartisan drive to expand tax incentives for carbon capture technology has gained traction on Capitol Hill as Democrats hunt for ways to build consensus support for legislation to advance components of President Joe Biden's recovery plan.
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