Budget Deal Contains Disappointment for CRE
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Real Estate Roundtable CEO Jeff DeBoer
WASHINGTON, DC—By most measures the budget and debt ceiling deal tentatively reached between Congressional leaders and the White House is a relief. Assuming it passes — which is still something of an uncertainty — there will be no government shut down; there will be no catastrophic breach of the debt ceiling.
One provision of the bill, however, is a partial disappointment to the commercial real estate industry. It includes a measure that makes it easier for the Internal Revenue Service to audit partnerships, including private equity and hedge funds.
Congress has been considering such a measure for several months; it was not a surprise. Indeed, organizations such as the Real Estate Roundtable had been lobbying for alternative provisions to replace some of the more draconian parts of the original draft…
