(WHAS11)-Louisville representative John Yarmuth is trying to help create more economic development and will introduce new legislation to cut taxes for commercial real estate purchases.
Yarmuth announced the new bill Tuesday. Investment in commercial real estate is down 90 percent since 2007.
Many analysts fear the sector could slow the economic recovery.
There are a lot of people with a lot of money who are reluctant to get into the game because of uncertainty that their investments will pay off. These are people looking to invest in properties and develop them to their full potential.
The new legislation would cut capital gains taxes to 5 percent for the remainder of this year. Previously rates were as high as 20 percent.
Yarmuth hopes this bill will do for commercial real estate what the first time homebuyer tax credit did for residential property.
