Low-income housing tax credit
The budget proposes to expand and boost the largest federal incentive for engaging the private sector in the construction and rehabilitation of affordable housing.
Like-kind exchanges
Owners of certain appreciated real property can postpone the taxable gain on the exchange of the property for a real asset of a “like kind.” The new 2024 tax plan would allow the deferral of as much as an aggregate amount of $500,000 for each taxpayer (for married couples filing a joint return, the amount is $1 million) each year for like-kind exchanges.
Under this scheme, any like-kind gains over $500,000 (or $1 million for married couples) would be recognized in the year the taxpayer transfers the asset.
