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Proposed Section 899 Retaliatory Tax Withdrawn 

June 27, 2025





Treasury Secretary Scott Bessent on June 26 posted on X.com that he has asked Congress to remove the Section 899 retaliatory tax from the One Big Beautiful Bill Act (OBBB). 

Chairmen of the congressional tax committees, Rep. Jason Smith (R-MO) and Sen. Mike Crapo (R-ID) issued a statement shortly after confirming the removal of the provision: 

We applaud President Trump and his team for protecting the interests of American workers and businesses after years of congressional Republicans sounding the alarm on the Biden Administration’s unilateral global tax surrender under Pillar 2. Reaching a joint understanding with the G7 means the U.S. can reclaim tens of billions of dollars that had been ceded from our tax base by Democrats’ America-Last policy.
Why it matters: Section 899 was a provision in the OBBB that would have imposed retaliatory income taxes on foreign investments and companies in the U.S. Click here for more background on the issue.
 
  • CREFC and other real estate trade groups raised concerns the provision could chill investment in U.S. real estate debt and equity through a combination of increased costs and uncertainty as to whether the tax will apply to certain countries. Click here for the letter.
  • The global tax deal agreement helps accomplish policymakers’ goals of fair international tax treatment while avoiding negative consequences to inbound U.S. investment. 

What they’re saying: CREFC and other industry groups worked to sound the alarm on potential unintended consequences of the provision after it passed the House and survived in a first draft of the Senate text. See below for a selection of press coverage on the issue highlighting commercial real estate:

The bottom line: The global tax agreement and removal of Section 899 are positive developments for the industry and should provide greater certainty to international investors deploying capital in the U.S. 

  • Congress is still aiming for a July 4th date to deliver the OBBB to President Donald Trump.
  • Lawmakers still must resolve SALT, energy credits, and Medicaid disagreements among their membership, but they remain optimistic on passage by Independence Day.

CREFC will continue to monitor the progress of the OBBB and let members know of any provisions that may impact CRE finance markets.

Contact David McCarthy (dmccarthy@crefc.org) with questions. 

Contact  

David McCarthy
Managing Director,
Chief Lobbyist, Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org

News Archive

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
Proposed Section 899 Retaliatory Tax Withdrawn
June 27, 2025
U.S. Treasury Secretary Scott Bessent asked Congress to remove Section 899 from the One Big Beautiful Bill legislation. This effectively kills the provision that would have applied increased taxes on foreign investments and companies in the U.S.
More info...

News

Economy, The Fed and Rates

June 24, 2025


The Economy, the Fed, and Rates…

Economic Data & Inflation

  • PCE and CPI Signals Mixed: May’s PCE is expected to tick up to 2.3% headline and 2.6% core. CPI came in at 2.4% YoY in May, slightly below forecasts. Tariff effects haven’t yet fully filtered into inflation. ING noted:

This is very much the calm before the storm, with tariff-induced price hikes expected to become visible from July.
  • Consumer and Housing Weakness: Recent data indicate a cooling economy. May retail sales declined 0.9%, and housing starts plunged 9.8%. Homebuilder sentiment has fallen, and inventories of unsold homes are rising. 
Immigration Policy

  • Economic Impact: According to Deutsche Bank's George Saravelos, President Trump's immigration crackdown poses a more significant long-term threat to the U.S. economy than tariffs, as it "represents a far more sustained negative supply shock for the economy than tariffs."
  • Immigration Pullback = Structural Drag: Evercore ISI projects America's foreign-born population could drop by ~500,000 annually over the next three years. Net immigration to the U.S. is expected to turn negative in 2025 for the first time in at least half a century.
  • Macro Impact: Lower immigration will reduce potential GDP growth from 2% to approximately 1.5% in 2026, according to Morgan Stanley estimates.
Federal Reserve Policy 
  • Policy Divide Widens: The Fed held rates steady (4.25%–4.5%), but officials are split. Ten FOMC members expect two cuts in 2025; nine forecast one or none. Christopher J. Waller, a Trump-appointed governor, is pushing for a July cut:
 
We’ve been on pause for six months … We haven’t seen [tariff-driven inflation]. We should be basing policy on the data.
  • Powell in Patience Mode: Chair Powell emphasized uncertainty and reaffirmed a wait-and-see approach:
No one holds these rate paths with a lot of conviction… We expect a meaningful increase in inflation in coming months.
  • Political Pressure Mounts: Trump has publicly berated Powell and is advocating for cuts up to 3.5 percentage points.
  • Futures Markets: Despite Trump's calls for immediate cuts, traders are pricing in two quarter-point cuts this year, beginning in October.
Geopolitical Risks & Market Reaction
  • Middle East Escalation: U.S. strikes on Iranian nuclear sites have escalated tensions. Markets are watching for the potential closure of the Strait of Hormuz (20% of global oil passes through it). Bloomberg Economics warns, “If Hormuz is shut, crude could soar past $130 … CPI could hit 4%.”
  • Investor Behavior: Despite multiple shocks, equity markets remain steady. As noted by Tom Essaye at The Sevens Report,
Unless investors fear the conflict will spread and engulf the entire region and dramatically reduce oil supplies, then rising geopolitical tensions won’t be a material negative on this market.
Treasury & Bond Markets
  • Treasury Yields Remain High: 10-year Treasury yields remain elevated at ~4.4%, despite expectations for a Fed rate cut, reflecting skepticism in the bond market about fiscal sustainability.
  • Bond Traders Hedging U.S. Default Risk: The bond market, not just the Fed, needs convincing on rate cuts. As Mike Sanders of Madison Investments noted:
The Fed controls the short end, but inflation expectations and term premium drive the long end.
  • Options Market Bets: Despite concerns, some traders are positioning for a decline in long-term rates. Large trades have targeted a decrease in the 10-year Treasury yield to ~4.15% by the end of July, according to Bloomberg.
CRE Finance Market Implications
  • Spreading Distress: The CRE sector is facing mounting pressure, with distress rising 23% year-over-year to over $116 billion, the highest level in more than a decade. The pain, which began in the office sector, has spread to multifamily, as the FDIC cited it as an increasing source of concern.
  • Policy and Lending Headwinds: Policy uncertainty is hampering CRE activity. The Fed’s Beige Book survey noted that demand for warehouses has been affected by potential tariffs. Furthermore, a proposed measure in a House bill (Section 899), a "revenge tax," could increase taxes on foreign investors, which may "trigger wider foreign investor pullbacks, impacting all U.S. real estate lenders," according to Green Street.
  • Rise of Private Credit: The growth in "shadow lending" in CRE is being closely monitored, with the Financial Stability Board warning that it "may amplify and transmit shocks to banks" if the credit cycle turns.
You can download CREFC’s one-page MarketMetrics, which includes statistics covering the economy and the CRE debt capital markets, here.

Contact Raj Aidasani (raidasani@crefc.org) with any questions.
 

Contact 

Raj Aidasani
Managing Director, Research
646.884.7566

News Archive

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
Economy, The Fed and Rates
June 24, 2025
May’s PCE is expected to tick up to 2.3% headline and 2.6% core.
More info...

News

Tax Bill Update: Senate Text in Flux

June 24, 2025

Last week, the Senate Finance Committee released its draft of the One Big Beautiful Bill, which included a number of key changes to the text the House passed on May 22. 

Why it matters: The Senate will begin consideration of the bill this week, but a self-imposed July 4 deadline seems overly ambitious as GOP lawmakers continue to have sharp differences.

  • The most high-profile changes include reverting the state and local tax (SALT) deduction to $10,000, extending the time horizon on Inflation Reduction Act (IRA) energy tax credits, and expanding reductions to Medicaid. 
  • The Section 899 foreign “revenge tax” saw some changes, which are covered in detail in the story above. 
  • A Steptoe LLP summary chart of significant provisions of the House tax bill and the draft Senate tax bill is available here. 

Go deeper: Senate Finance Chairman Mike Crapo (R-ID) had made permanency a key focus of business provisions in the draft, which is supported by Majority Leader John Thune (R-SD). Highlights include:

  • Makes permanent the 199A pass-through deduction at 20%. While the House made the provision permanent, it also increased the deduction to 23%. 
  • Makes permanent full expensing for domestic research and development. 
  • Makes permanent full expensing for new capital investments, like machinery and equipment.
  • Restores and makes permanent the EBITDA standard for 163(j) interest deductibility. 
  • Permanently renews and enhances the Opportunity Zone program.

Yes, but: The changes to SALT, IRA, and Medicaid have drawn opposition from some House and Senate members and may imperil the bill’s timeline. 

While the Senate SALT provision is viewed as a placeholder for further negotiation, the $40,000 House-passed number was critical to getting Blue-district Republicans to support the bill. Two members of the SALT Caucus, Rep. Young Kim (R-CA) and Rep. Andrew Garbarino (R-NY), released a statement criticizing the Senate language: 

Instead of undermining the deal already in place and putting the entire bill at risk, the Senate should work with us to keep our promise of historic tax relief and deliver on our Republican agenda.
The longer wind-down time for some of the IRA tax credits is also drawing criticism from some House moderates who want to preserve the treatment for those who have deployed investments. On the other end of the spectrum, House fiscal hawks want the provision eliminated more quickly.

The bill caps Medicaid provider taxes at 3.5% in states that expanded coverage, down from the current 6% rate, and it reduces existing supplemental payments to hospitals, rather than just limiting future ones as in the House bill. The Senate version further expands work requirements. House moderates and Sen. Josh Hawley (R-MO) have warned that the cuts go too far and could impact rural hospital viability.

The bottom line: The White House is pushing Congress to pass the bill by July 4 and is actively negotiating on a variety of issues. While there are still expectations that the bill will pass, the August recess may be a more realistic target given the current sharp disagreements.

Contact David McCarthy (dmccarthy@crefc.org) with any questions.

Contact 

David McCarthy
Managing Director,
Chief Lobbyist, Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org

News Archive

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
Tax Bill Update: Senate Text in Flux
June 24, 2025
Last week, the Senate Finance Committee released its draft of the One Big Beautiful Bill, which included a number of key changes to the text the House passed on May 22.
More info...

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Leadership

The affairs of CRE Finance Council are managed by a Board of Governors, selected from the general membership, which meets at least two times a year. During the periods the Board is not convened, the Executive Committee has full authority to transact all CRE Finance Council business. The Executive Committee is made up of the chair, chair-elect, vice chair, secretary, treasurer, membership chair, administrative executive, as well as four additional Executive Committee members.  View the CREFC By-Laws.

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Young Professionals

Young Professionals


The mission of the Young Professionals (YP) Network is to provide a platform for junior CRE finance professionals to foster meaningful business relationships and gain relevant industry knowledge through networking events, seminars and panels.

YP programming events are developed by YPs – so the content is current and applicable in their daily work. Each YP educational event includes a networking aspect to build and foster industry relationships with both peers and seasoned industry leaders. YPs are surveyed by region for ideas for future programming to ensure educational and industry needs are met.

Additionally, there are networking only events held in a more relaxed atmosphere where YPs can mingle among their peers.

There is a discounted rate to conferences and seminars for those CREFC Members 30 years of age or younger. To sign up for the 30 and Under Program Rate join the network and ensure that you check off the box “I would like to sign up to receive the “30 and Under Program Rate”. You will be required to submit photo ID to be approved for the discounted program rate.

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Advocacy

CREFC Government Relations: Shaping Our Industry

CREFC’s Government Relations team serves as the primary interface between the CRE Finance industry and policymakers. Through a collaborative process with our members, CREFC engages with legislators, regulators, and other policy stakeholders to advocate for policies that promote the interests of our membership and the broader industry.

By joining a CREFC Forum, members are able to participate in the creation of official policy positions and will gain access to regular updates from our Government Relations team on the latest regulatory developments.

View our recent policy wins and sign up for a CREFC Forum below to join our advocacy efforts and make a difference in the direction of our industry. Please contact David McCarthy with any questions.

The First 100 Days

CREFC's Government Relations Team is closely monitoring key legislative and regulatory developments shaping the commercial real estate finance industry. Explore our First 100 Days: Legislative Update and First 100 Days: Regulatory Update for insights into the evolving policy landscape.

  • First 100 Days: Legislative Update (1/28/25)
  • First 100 Days: Regulatory Update (1/28/25)


    • Election 2024 Outcome Analysis: Implications for CRE and Multifamily Finance

    The 2024 election results are in, and CREFC has prepared an in-depth Election 2024 Outcome Analysis to explore how the outcomes will shape policy in 2025 and beyond. This comprehensive analysis examines key issues in the commercial and multifamily real estate finance industry, providing insights into the potential legislative and regulatory landscape.

    While members of CREFC's Government Relations team do not forecast election results, our goal remains to dig deeper into the factors that influence critical areas of legislation and regulation.

    Outcome Analysis:
  • CREFC Election 2024 Outcome Analysis (11/18/24)

    • Scenario Analyses:
  • CREFC Election 2024 Scenario Analysis (10/28/24)
  • CREFC Election 2024 Scenario Analysis (10/22/24)
  • CREFC Election 2024 Scenario Analysis (10/8/24)


    • Recent Policy Developments (as of Q3 2024)
    Basel Endgame Advocacy
    The federal banking regulators plan to repropose the Basel Endgame Capital rules with significant changes. CREFC had submitted comments and coordinated a real estate industry letter on proposed rules and is waiting for the re-proposal to see the extent to which our comments were taken into consideration. CREFC plans to continue advocacy as needed following the release of the re-proposal.

    Tax Policy Working Group
    Convened a group of member experts on tax to analyze and triage key tax priorities ahead of 2025. With the expiration of key provisions in the 2017 Tax Cuts and Jobs Act, Congress is expected to take up a tax bill next year. CREFC will engage with lawmakers and staff on key tax issues through the end in preparation the tax push early next year. 

    15c2-11 No Action Letter Expiration
    CREFC is engaging with CMBS broker dealers on the upcoming application of 15c2-11 public data requirements for conduit CMBS. While CREFC and other trades successfully exempted 144A bonds from the public disclosure requirements, the public CMBS requirements are scheduled to come online in January 2025. CREFC will follow up with the SEC and/or on Capitol Hill as necessary. 

    Conflicts of Interest Rule
    Successfully advocated for narrowing the overly broad scope of the SEC’s Conflicts of Interest in Securitizations rule to target conflicted transactions and relevant parties more appropriately. CREFC partnered with other organization on an implementation toolkit.

     

     

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    CREFC Policy and Capital Markets Briefing

    Read the latest issue of CREFC's weekly Policy and Capital Markets Briefing

    CREFC Policy Tracker

    CREFC’s Policy Tracker includes a variety of visual aids and updates to help members understand, track, and analyze key policy issues affecting the CRE and multifamily finance industry.

    Property Risk and Resilience

    CREFC’s Property Risk & Resilience Committee serves as both an educational resource and advocate for the commercial real estate finance industry, providing insight into how macro-level environmental and regulatory trends intersect with financing decisions. 
     

    Read the Latest Government Relations Alerts

    For our weekly government relations and industry policy briefings, please visit our Document Resource Center. The Document Resource Center contains CREFC position papers, analyses, testimony, and other policy tools.
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    Women's Network

    Women's Network



    Looking for networking, learning opportunities, and professional development? Join women professionals in the CRE industry in networking and educational events throughout the year.  Our mission is to enhance the visibility, profile, and advancement opportunities of women in the commercial real estate finance industry, provide a structured platform within CREFC dedicated to women's initiatives and provide opportunities for networking, mentoring, and development of professional women. With members all across the country, we are the largest network of professional women in the industry.   
     

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    Debt Aggregate

    NCREIF/CREFC Open-End Debt Fund Aggregate

    CREFC has teamed up with NCREIF to produce and promote the NCREIF/CREFC Open-end Debt Fund Aggregate (the “Debt Aggregate”). In short, this product will deliver a fund-level compilation of open-end debt funds providing financing to commercial and multifamily real estate borrowers/owners. The Debt Aggregate will be issued in a draft “consultation” format for at least one year, which allows time for industry feedback before it is rolled out as an official product.

    For questions or to get involved, contact Lisa Pendergast

    NCREIF/CREFC Open-end Debt Fund Aggregate Fourth Quarter 2024 Public Snapshot Report
    NCREIF/CREFC Open-end Debt Fund Aggregate Fourth Quarter 2024 Membership Report

    Overview of Debt Fund Index
    (presentation slides from CREFC's September 28, 2023 Capital Markets Conference)   

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    (video replay from CREFC's September 28, 2023 Capital Markets Conference)   
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    NCREIF/CREFC Open-End Debt Fund Aggregate

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