House Leaders Meet with Trump Team on Tax Reform

Last week senior members of President-elect Trump’s transition team met with Speaker of the House Paul Ryan (R-WI) and House Ways and Means Committee Chairman Kevin Brady (R-TX) to discuss their respective plans for comprehensive tax reform and to map out their timing and legislative strategy. Attending the meeting on behalf of President-elect Trump were incoming Chief of Staff Reince Priebus, Treasury Secretary nominee Steven Mnuchin, and Trump’s son-in-law and senior advisor Jared Kushner, among others. Also present were Trump’s incoming senior White House legislative and economic affairs staff.

In June of last year, House Republicans unveiled their Blueprint for Tax Reform, tax reform proposals meant to form the basis of legislation they would introduce in the new Congress. While the GOP House reform proposal and the plan outlined by candidate Trump during the campaign share similarities, there are key differences that must be reconciled in order to assure that tax reform legislation can move expeditiously through the House according to the ambitious timetable set forth by President-elect Trump, who has called for enacting tax reform in his first year. Both the GOP plan and President-elect Trump’s proposals seek to reduce overall corporate and individual tax rates, and broaden the tax base by eliminating preferences in the code. They contain measures that would have a fundamental impact upon the commercial real estate industry, affecting the deductibility of business interest deduction, taxation of carried interests, and depreciation to name a few.

Comprehensive tax reform and how it will impact the commercial real estate industry will be one of the topics discussed by NAIOP members when they meet with their Senators and Representatives and their staff during NAIOP’s Chapter Leadership and Legislative Retreat on February 8.

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