Yarmuth: Tax Cut Would Spur Commercial Investment

By Rick Howlett

Congressman John Yarmuth of Louisville is sponsoring legislation aimed at kick-starting the sluggish commercial real estate market.

Yarmuth says sales of properties such as office buildings, shopping malls and condominiums have decreased by 90 percent in the U.S.since 2007.

“This bill would lower the capital gains rate for any investment property purchased this year to five percent, and that’s five percent regardless of when it is sold, whether it’s two years from now, five years from now or 20 years from now,” he said.

The current long-term capital gains tax of 15-percent will rise to 20-percent next year under a sunset provision on tax cuts approved during the last Bush adminstration.