In addition to the severe tax reform suggestions in the House and Senate tax reform draft discussion papers the 2015 Presidential budget proposes that real property 1031 exchange deferrals be limited annually to $1 million per taxpayer. Also there would be rules for aggregating multiple properties exchanged by related parties.
Treasury would be granted authority to implement these provisions, which if passed would be effective December 31, 2014.
Presidents 2015 Budget Proposal:
The Treasury Green Book gives general explanations for the line items in the budget. The proposed Like-Kind Exchange change is on page 102.