John Pickering Discussed Impact of Tax Reform on Commercial Real Estate with Inman
John Pickering, partner in the firm’s Birmingham office and member of the Real Estate Practice, spoke with Inman regarding the impact of the Tax Cuts and Jobs Act on the commercial real estate industry. With more than 20 years of experience representing clients in commercial lending and real estate transactions, John stated that the commercial real estate industry stands to see minimal change from the tax act, with most key provisions for the industry continuing despite overhauls to other sections.
John discussed the positive industry impact of 1031 Exchanges, which were at risk of elimination. 1031s encourage the re-investment of real estate gains back into commercial real estate and thereby facilitate the buying and selling of properties. He also discussed the continuation of historic tax credits, which is expected to continue incentivizing renovation within urban neighborhoods, including Birmingham, which has seen a welcome wave of historic renovations funded by state and federal historic tax credits.