Carried Interest Update, as of June 15th

Dear ICSC Member,




On Monday, June 14, Senate Majority Leader Harry Reid (D-NV) filed for cloture, the final parliamentary step to move H.R. 4213, which includes the carried interest tax increase on real estate partnerships to pay for a $140 billion temporary extension of tax credits and benefits. Reports suggest, however, that Senator Reid is still short of the 60 votes needed to end a filibuster on this bill.



ICSC anticipates an updated version of the legislation to be released later this week as negotiations on several aspects of the bill, including carried interest, continue. Senator John Thune, R-S.D., is expected to offer an alternative that does not include the carried interest tax increase and would slash spending and deficits by $55 billion while still extending tax breaks and benefit payments.



Last week, ICSC President and CEO Mike Kercheval and various ICSC members came to Washington, DC to visit with several key Senate offices. While we received support from most offices, it was mixed with a lack of commitment to make necessary changes to this problematic tax increase on commercial real estate. ICSC's efforts to dampen the impact of this tax hike continue.



At this point, we do not believe that Senate leadership is willing to further consider the concerns of the commercial real estate community with the carried interest provision, and we are asking ICSC members to contact their Senators to request a "NO" vote on cloture and "NO" on H.R. 4213 until the carried interest issues for real estate are reconsidered.



To contact your Senators, please call 202-224-3121 and ask to be connected to your Senators' offices. Click here to use the ICSC phone script as a resource for those calls. You can also click here to send an email if you are more comfortable with that option. The important thing is that Senate offices hear from you.



Thank you for your continued efforts on this issue.



Sincerely,



On behalf of Betsy Laird

Senior Vice President

Office of Global Public Policy ICSC







Forwarded by:



Bradley H. Bailey



Associate Vice President, Investment



Director, National Retail Group



Marcus & Millichap REIS















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