I read he is trying to put a cap on this. Not sure if anyone has anymore info, but I see this being a huge hit to the CRE market. Given that both the house and senate are blue, theres a chance this could pass. I don't know the status of where the bill is currently at, but its crazy that this could be on the chopping block.
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I work for a UHNW family so we've been keeping an eye on this going all the way back to Trump who once made the unkept promise of doing away with 1031's. The assumption for most of this year was that 1031's were likely going away so much so we've effectuated more than 500M in 1031's this year. BUT there has been somewhat of a reversal on the 1031 rhetoric the last couple months. The information we are getting from our consultants/lobbyists is that the 1031 talk has died down considerably.
Its a big unknown but we will likely know how serious it is around the time Pelosi decides what to do with SALT cap. Likely if Pelosi doesn't include it in her bill then neither the White house or the Senate will be particularly eager to make a run for it.
Good inside info.
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