On April 21 and 22, Banker Exchange joined the Federation of Exchange Accommodators (FEA) for a two-day advocacy-focused event in Washington, DC. This annual gathering brings Qualified Intermediaries (QIs) and industry professionals together to advocate for Section 1031 and strengthen the future of the like-kind exchange industry and the people we serve.
Why Are We Engaged?
The need for direct legislative engagement has risen from historical threats to either place limitations on or eliminate Section 1031 to raise revenue for the Treasury. While there are currently no direct threats to this powerful tool, every election year can result in proposals that are potentially harmful to investors, communities, states, and the national economy.
Banker Exchange is an active member of the FEA and together we hold a unique responsibility to preserve and expand Section 1031, and to ensure its correct use for the benefit of all.
What Does Engagement Look Like?
Our messaging centers on Section 1031's macro- and microeconomic impact, as well as its positive effect on the Treasury. By citing real world examples, we can showcase Section 1031’s ability to empower investors, of all shapes and sizes, to make better decisions regarding their portfolios for the good of all.
Focused on influential legislators and members of tax writing committees, the FEA held 106 separate meetings on Capitol Hill.
These meetings:
- Crossed party lines and crucial committees of authority.
- Focused on House Ways and Means, Senate Finance, House Financial Services, and Senate Banking.
- Also included other leadership offices and off-committee members.
Key messaging included:
- Stimulation of business growth of all sizes.
- Unlocking much needed and lost capital investment.
- Encouraging the repurposing of available real estate.
- Job creation across blue- and white-collar professions.
- The enormous positive impact Section 1031 has on the Treasury.
Key Takeaways
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Positive feedback dominated all conversations.
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Offices are well-informed, open to learning more about Section 1031, and engaged.
- We must stay active; past proposals/ideas remain for future reference.
I have been involved with the FEA and 1031 advocacy efforts for 20 years. And the positive impact of Section 1031 at a macro- and micro economic level is undeniable. The legislative support we are currently receiving is the result of decades of work and dedication by the FEA and its coalition partners. Every single election brings change. And that change drives the need for us to stay engaged, to stay alert, and to preserve what is good for taxpayers.
To learn more about why like-kind exchanges are indeed good, please visit 1031 Builds America – A Section 1031 like-kind exchange reform resource. There you can contact your local lawmaker about the importance of Section 1031. It’s easy and takes less than 5 minutes to make a difference, to make your voice heard.
And I will always make myself available for any questions you may have.