With Capitol Hill and the White House getting ready for a potential overhaul of the U.S. tax code, real estate and business trade groups are ramping up their lobbying efforts with a display of significant financial influence.
According to a Bloomberg report
, the National Association of Realtors (NAR) spent $11.1 million during the third quarter to get its message and influence across to the nation’s legislators. The National Association of Real Estate Investment Trusts spent $1.23 million during that period, a record amount poured out by that group on lobbying.
Also opening their wallet in the third quarter was the U.S. Chamber of Commerce, which poured $13.12 million into the tax policy discussion along with efforts to repeal and replace the Affordable Care Act. The Business Roundtable spent $4.53 million on lobbying in the same quarter, up by more than $1 million from the same period in 2016.
President Trump has trumpeted the upcoming tax code legislation as “the largest tax cuts in U.S. history,” although no specific legislation has yet to be presented before Congress.