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United States

Report | JLL Guide to Tax Reform for December 6, 2017

Summary

​The Senate passed its version of the Tax Cuts and Jobs Act (TCJA) last week and now Congress will try to merge the two versions. They aim to complete this process by Christmas, which gives them roughly three weeks. We believe the likelihood of a bill being signed into law this year is roughly 75 percent. But Congress will need to work through some important differences first. We believe based on the broad outlines of both versions that passage of the bill could add up to 50 bps of real economic growth in 2018. Generally, faster economic growth will benefit commercial real estate and participants in the industry. But in the long run, federal debt outstanding should increase by roughly $1 to $1.5 trillion so the stimulus to the economy does not come without a cost. 

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