For real estate investors it appears the 1031 tax exchange program will stay intact. That's the speculation anyway. The discussions have been to repeal 1031 exchange for anything but real estate related issues. It's been proposed that Intangible personal property, art and collectables may no longer be exchanged.
Tangible depreciable assets such as machinery, equipment and vehicles would be eligible for immediate 100% expensing for the next 5 years. If that provision is not renewed, there's no longer any benefit to exchanging those items to avoid gain.
On November 16, the house passed a version of the "Tax Cut and Jobs Act" and the Senate finance Committee adopted a "conceptual" draft of it's own that has just been approved by that committee. Next up is the Senate vote on the bill. If both bills pass by their respective bodies, the bill goes to conference to be combined into a single bill.The final bill has to be passed by both the House and the Senate before it goes for the President's signature.
There may be a few speed bumps along the way as these bills go to vote and things could change somewhat. Although the house and senate 1031 portions of the tax reform act are similar, there are other issues that differ significantly. Republican leader ship has focused on getting this done before the end of the year but significant discord could cause those goals to be moved into 2018.