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Capping 1031 exchanges would cripple Wisconsin farmers and CRE economy biztimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from biztimes.com Daily Mail and Mail on Sunday newspapers.
Capping 1031 exchanges would cripple Wisconsin's commercial real estate economy and farmers – The Daily Reporter – WI Construction News & Bids dailyreporter.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyreporter.com Daily Mail and Mail on Sunday newspapers.
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New Research Highlights Economic Contributions of Like-Kind Exchanges Share Article 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 properties, is estimated to bring in another $6 billion per year in income tax revenue.
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