We have just learned of a warning issued by the International Council of Shopping Centers indicating a precarious situation for not just real estate professionals, but for all partnership based businesses. Please pass this article along and click the links below to let your representative know that you are against this legislation.

Quoting the Global Public Policy E-News:

Congress Set to Consider Largest Tax Increase To Commercial Real
Estate Since 1986 Tax Reform Act

“House Ways and Means Chairman Charlie Rangel (D-NY) is moving forward rapidly with legislation that would make major changes to the U.S. tax structure. The bill proposes a massive tax increase for partnerships, raising the tax rate on “carried interest” from 15 percent to 35 percent. The Ways and Means Committee is scheduled to vote on the measure this week and full House consideration is planned before Thanksgiving. Commercial real estate projects, most of which are organized in partnerships, will be significantly impacted. Please visit the ICSC Legislative Action Center at http://lac.icsc.org to send an urgent message to Congress expressing your opposition to increased taxes on partnerships.”

Before we continue, we want to give a big thanks to our friends at the Oak Park - River Forest Chamber of Commerce for bringing this matter to our attention.

At this time, the editorial staff at KSIB.net agrees with the notion that this is a serious threat to commercial real estate and your elected officials need to hear from you.

We encourage all of our readership, particularly our entrepreneurs, to research this legislation, and if you feel that this is a bad move, please take the time to make your complaints heard. The ICSC has made it very simple for you. Follow this link and in as little as 20 seconds let your representatives know how you feel.

Click Here to notify your representative.

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