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Article: Real Estate Industry Seeks $1 Billion-a-Year Tax Break
- Article from:
- The Washington Post
- Article date:
- December 14, 1991
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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The real estate industry is pushing the White House and Congress
to give it $1 billion a year in special tax breaks as part of the
package of legislation to stimulate economic growth expected to be
introduced early next year.
Real estate lobbyists contend that the tax breaks would boost
the economy by adding as much as 7 percent to the value of office
buildings and shopping centers, reversing the huge drop in prices
produced by massive overbuilding. That would reduce the losses
developers and banks are suffering on real estate and would cut the
cost of cleaning up failed banks and savings and loans, they
contend.
But Congressional Budget Office Director Robert D. Reischauer
said last ...