### Industry Groups Oppose Cap on Business Property Tax Deductions
As Congress debates a tax and fiscal package, a coalition of real estate organizations, including the Real Estate Roundtable, has urged lawmakers to reject any proposal to cap or eliminate the deductibility of state and local business property taxes. This proposal has been floated as a potential revenue offset for the tax bill.
According to Jeffrey DeBoer, president and CEO of the Real Estate Roundtable, such a cap would have severe economic consequences. “It would cause self-inflicted injury to the U.S. economy, including unnecessary job losses, higher rents for families and individuals, and other inflationary pressures,” said DeBoer. “It would lower commercial property values and create new stresses in the banking system. It is a recipe for a recession.”
In a letter to key congressional committees, the Roundtable and 16 other national real estate organizations warned that the potential damage to commercial real estate could be catastrophic. They urged industry members to voice their concerns to elected representatives and oppose the measure.
This issue remains a critical point of contention as lawmakers work to finalize the tax and fiscal package.
