Washington, D.C. — In coordination with businesses nationwide, the Precious Metals Association of North America (PMANA) sent a letter to Congress calling for the restoration of personal property to Section 1031 like-kind exchanges in both the House and Senate tax reform bills.
Recently, the House and Senate introduced separate pieces of legislation which included the gutting of personal property from like-kind exchanges. If enacted, this would force a tax on each like-kind exchange of a continuing investment, thus hurting the sales of U.S. Mint products and negatively affecting jobs all along the precious metals supply chain.
In the letter, the coalition acknowledges that a tax reform plan should “grow the economy, create jobs, and make U.S. businesses more competitive.” However, the exclusion of personal property from like-kind exchanges is a step in the opposite direction. “We believe that the ability to use like-kind exchanges for personal property is consistent with these goals, and our strong preference is that the repeal of like-kind exchanges for personal property be removed,” the letter states.
PMANA is working closely together with the following groups in calling on Congress to restore personal property to like-kind exchanges:
- American Car Rental Association
- American Truck Dealers
- Associated Equipment Distributors
- Equipment Leasing and Finance Association
- The National Business Aviation Association
- National Stone, Sand and Gravel Association
- C.R. England