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March 9, 2016

EY 1031 Repeal Study Updated, Shows Greater Impact Than Previously Estimated


A recent update to the Ernst & Young, LLP macroeconomic study, the Economic Impact of Repealing Like-Kind Exchange Rules, shows that repealing IRC Section 1031 would have a greater negative effect on parts of the U.S. economy than was previously estimated.

The more recent data included in the November 2015 revision quantifies that the segments of the economy supported by the ten most affected industries, including real estate, construction, truck transportation and equipment/vehicle rental and leasing, would suffer an annual year after year decline in GDP of $27.5 billion, up from $26 billion in the original report.
The study was commissioned in response to legislative proposals to repeal Section 1031 by the Section 1031 Like-Kind Exchange Coalition, a consortium of trade associations representing diverse industries including the real estate, vehicle/equipment leasing and rental, transportation, and agriculture industries. The study documents that elimination of Section 1031 would slow economic growth, reduce GDP and hurt many U.S. small businesses.

Read the press release here.

Read the overview and download the revised study here.

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