Chuck Grassley: “I appreciate my friend's continued efforts to reform and reduce long term capital gain tax on real estate. And Senator…”

“I appreciate my friend's continued efforts to reform and reduce long term capital gain tax on real estate. And Senator Nickles is correct-- by excluding 25 percent of the capital gain on the sale of property we reduce the effective capital gain rate on sales for conservation purposes. However, that is not the purpose of the provision. We intend to preserve precious, environmentally sensitive land from ever being developed. I need not remind my fellow Senators that they are not making any more land and if we do not preserve sensitive wetlands and open space from development it will be lost forever and all of our children and grandchildren will suffer from our lack of responsibility. Senator Nickles' amendment would literally make it easier to develop the very land we are attempting to preserve. That is certainly not the intent of this provision. I will be voting no and I strongly urge my fellow Senators to also vote no on Senator Nickles' amendment.”