Yarmuth seeks to spur commercial real estate activity
Tuesday, May 11, 2010, 2:07pm EDT
Yarmuth seeks to spur commercial real estate activity
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U.S. Rep. John Yarmuth, D-Ky., plans to introduce legislation in the U.S. House of Representatives that would encourage commercial real estate purchases by cutting capital gains tax rates for properties bought in 2010.
The Real Estate Investment Incentive Act would temporarily reduce the capital gains tax rate on commercial real estate purchases to 5 percent, compared with the current rate of 15 percent.
“With so much uncertainty in the commercial sector, there are a lot of people on the sidelines of the market, reluctant to get in the game because they aren’t sure their investments will pay off,” Yarmuth said in a news release. “This legislation will generate economic development and job creation by cutting taxes to help make the marketplace more attractive for investors.”
The legislation has drawn support from the National Association of Realtors.
“Congressman Yarmuth’s bill would offer a unique incentive to purchasers of commercial PROPERTY that I’ve not seen in my lifetime,” John J. Weikel, federal political coordinator for the National Association of Realtors, said in the release.
Read more: Yarmuth seeks to spur commercial real estate activity – Business First of Louisville:
