Bloomberg: “Lawmakers scrambling to lock up Republican support for the tax reform bill added a complicated provision late in the process — one that would provide a multimillion-dollar windfall to real estate investors such as President Trump. The change, which would allow real estate businesses to take advantage of a new tax break that’s planned for partnerships, limited liability companies and other so-called ‘pass-through’ businesses, combined elements of House and Senate legislation in a new way.”
“Its beneficiaries are clear, tax experts say, and they include a president who’s said that the tax legislation wouldn’t help him financially…. The revision might also bring tax benefits to several members of Congress, according to financial disclosures they’ve filed that reflect ownership of pass-through firms with real estate holdings. One such lawmaker, Republican Sen. Bob Corker of Tennessee, who’d voted against an earlier version of the legislation, said on Friday that he would support the revised legislation.”
The Tennessean reports Corker asked Senate Finance Committe Chairman Orrin Hatch (R-UT) to explain how the provision “ended up in the final version of the tax reform package that Congress is expected to approve this week.”
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