NAR Letter to House committee on Economic Growth, Tax, and Capital Access Regarding its Small Business Hearing
Issue Date: April 25, 2017
On March 25, NAR sent a letter to the Chair and Ranking Member of the House Small Business Committee Subcommittee on Economic Growth, Tax, and Capital Access and cc’ing the entire Subcommittee.
The letter thanks the Subcommittee for holding the hearing, “Small Business: The Key to Economic Growth.” NAR supports the relief of overly broad and onerous regulatory frameworks imposed on Regional and community banks. These regulations cause lenders to spend more time and capital complying than they do providing loans to their communities. The letter further urges Congress to continue the work it started with the Jumpstart Our Business Startups (JOBS) Act of 2012 and to preserve those sections of the Internal Revenue Code that are crucial to job creation and business preservation. In particular, like-kind exchanges under section 1031, which allow taxpayers to exchange business and investment property for like-kind property. Like-kind exchanges are a critical tool for equity building for small businesses, reducing the need for third-party financing..