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BREAKING NEWS: Carried Interest Changes Dropped from Tax, Climate Bill

By Ted Zangari on August 5, 2022
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Late last night, Senator Charles Schumer (D-NY) announced that proposed changes to the tax treatment of carried interest, strongly opposed by the commercial real estate industry, would be removed from the Inflation Reduction Act. This is the latest in a string of unsuccessful efforts in Congress in the last decade or so to change the tax treatment of carried interest. The changes would have unfairly penalized projects that use financing from outside investors. Undertaking costly brownfield remediation and redevelopment requires substantial upfront risk and costs. Disincentivizing this risk-taking would have especially impacted the commercial real estate industry’s ability to reposition office and retail properties that have been impacted by remote work, e-commerce and the pandemic. The Senate is expected to start the voting process on the Inflation Reduction Act this weekend, with final passage of this significant legislation possible by the end of next week.

Photo of Ted Zangari Ted Zangari

Ted Zangari is a Member of Sills Cummis & Gross and is a Chair of the Firm’s Real Estate Department.  Mr. Zangari also chairs the Firm’s Government Relations and Public Policy Practice and its Redevelopment Law Practice.

Read more about Ted ZangariEmail
  • Posted in:
    Real Estate & Construction
  • Blog:
    RedevelopNJ
  • Organization:
    Sills Cummis & Gross P.C.
  • Article: View Original Source

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