With your help, we successfully derailed House Bill 2696! This legislation, sponsored by Rep. Chuck Riley (D-Hillsboro), would cause like-kind (1031) exchanges to become a taxable event in Oregon. As you know, like-kind exchanges are integral to the health of the real estate market, and are one of the most fundamental components of real estate investment.
In response to our strong opposition, Rep. Riley will testify tomorrow morning and ask the House Committee on Revenue to pull House Bill 2696 from consideration. This afternoon, Rep. Riley is issuing a press release acknowledging that the bill was submitted in error.
Building on our success from REALTOR® Day, you helped convey in a short period of time the negative impact eliminating like-kind (1031) exchanges would have on Oregon’s real estate market. Thank you very much for your efforts!
Public Policy Department
Oregon
1.800.252.9115