Dear WSCAR members:
As we say goodbye to 2018, I have to tell you that I had a great year as your WSCAR President, and I want to thank you all for the privilege to represent you and to work on your behalf. I am looking forward to a remarkable 2019, and I know that incoming president Michael Schoonover will do you proud.
In March I was privileged to go to the MIPIM international conference, where Washington State was represented for the first time. Having the opportunity to talk to everyone about the Seattle metro area as the number one city in the US was a treat. Our state is truly being recognized as an international powerhouse in technology and business, which will lead to future growth in our industry.You can read more of my thoughts here, and also why this conference is so important HERE.
There are great new deals for CRE investors in the new Opportunity Zones: these are fantastic places to place your clients funds with tax advantages not available anywhere else. I was interviewed for CCIM’s magazine Commercial Investment Real Estate about this, and there was an Executive Order signed about this just last week.
One change to tax laws this past year is the 199A, which can affect you and your clients’ small businesses with a potential 20% deduction for qualified recipients. NAR has a series of videos here that walks members through the benefits.
I want to close by reminding you that Legislative Day 2019 (see below) is only a month away. We are expecting legislation that will greatly affect our industry, which could include much higher REET (Real Estate Excise Tax), an increase of B&O tax rates on service businesses, and a 9% tax on income from capital gains which INCLUDES commercial real estate sales. I heartily recommend that you attend this event and help to represent WSCAR.
And whether or not you can make it, you should reach out to your legislators now and tell them your thoughts on these upcoming tax issues, for both you and your clients. You can go here to get contact information on the people who represent your district.
Happy holidays, and I look forward to seeing you in the coming year.
Sincerely, Chad Gleason, CCIM Executive Managing Director SVN Raven