Industry Groups Urge Opposition to Cap on Business Property Tax Deductions

Amid Congressional lawmakers’ discussions on how to move ahead with a tax and fiscal package, the Real Estate Roundtable and 16 other national real estate organizations wrote to members of two key committees urging them to oppose any proposal to cap or eliminate the deductibility of state and local business property taxes. Such a proposal has been made by some lawmakers as a possible revenue offset for the tax bill.

A cap on the deductibility of property taxes paid by businesses “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 Roundtable president and CEO Jeffrey DeBoer. “It would lower commercial property values and create new stresses in the banking system. It is a recipe for a recession.”

In the letter, the Roundtable and the other signatories argued that the potential damage to commercial real estate would be “almost too significant to imagine.” The Roundtable urged its members to amplify this message to their elected representatives.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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