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HOUSTON, April 21, 2017 -- Of the many tax changes under discussion by the Trump administration, six measures pose material implications for commercial real estate, according to the latest edition of “the BRIEFING,” a Transwestern report that covers the global economy and commercial real estate.
If passed, these measures would:
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- reduce the top corporate tax rate from 35 to 20 percent;
- allow immediate, full deduction of capital investment expenditures;
- eliminate interest deductibility on future loans;
- allow net operating losses to carry forward indefinitely;
- eliminate 1031 exchanges; and
- tax carried interest on capital gains as ordinary income.
“Elimination of interest deductibility is a particular concern for investors, although a reduced corporate tax rate could mute its impact,” said Tom McNearney, Transwestern Chief Investment Officer and the report’s author. “Yet it is difficult to imagine that President Trump, who has taken advantage of commercial real estate borrowing, would eliminate interest deductibility.”
Even as the political system feeds uncertainty, economic confidence is climbing. As expected, rising employment and wage growth combined to drive a 3.9 percent increase in personal consumption. That purchasing activity helped drive up inflation and manufacturing, with U.S. factories stepping up output through February. Corporate profits also have improved.
McNearney continued, “Commercial real estate tends to outperform other asset classes in a rising-interest-rate environment – particularly when markets avoid overbuilding – so we expect relatively steady performance in 2017.”
Download the full report, including 20 fast facts for the big picture, at http://twurls.com/briefing04-17.
ABOUT TRANSWESTERN
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern.
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Stefanie Lewis Transwestern 713.272.1266 [email protected]
