US Congress House Bill 5746 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on May 15 2012 - 25% progression, died in chamber
Action: 2012-05-16 - Sponsor introductory remarks on measure. (CR E820)
Text: Latest bill text (Introduced) [PDF]

Update and Streamline REIT Act of 2012 or US REIT Act of 2012 - Amends the Internal Revenue Code, with respect to the tax treatment of real estate investment trusts (REITs), to: (1) modify safe harbor rules for avoiding penalties for prohibited sales of rental and timber properties by REITs by allowing three-year averaging of sales proceeds for such properties, (2) repeal the preferential dividend rule for dividend payments to shareholders of publicly-offered REITs, (3) revise REIT income and assets tests to allow treatment of publicly-offered REIT debt instruments and personal property leased or mortgaged in connection with REIT real property as real estate assets, (4) make permanent the treatment of gain from sales of timber property and mineral royalties as qualifying REIT income, and (5) revise the calculation of REIT earnings and profits to avoid duplicate taxation of REIT shareholders.

Update and Streamline REIT Act of 2012

Rep. Patrick Tiberi [R-OH]	Rep. Xavier Becerra [D-CA]	Rep. Diane Black [R-TN]	Rep. Earl Blumenauer [D-OR]
Rep. Charles Boustany [R-LA]	Rep. Kevin Brady [R-TX]	Rep. Vern Buchanan [R-FL]	Rep. Joseph Crowley [D-NY]
Rep. Danny Davis [D-IL]	Rep. Geoff Davis [R-KY]	Rep. Lloyd Doggett [D-TX]	Rep. Jim Gerlach [R-PA]
Rep. Wally Herger [R-CA]	Rep. Lynn Jenkins [R-KS]	Rep. Sam Johnson [R-TX]	Rep. Ron Kind [D-WI]
Rep. John Larson [D-CT]	Rep. John Lewis [D-GA]	Rep. Kenny Marchant [R-TX]	Rep. Jim McDermott [D-WA]
Rep. Gary Miller [R-CA]	Rep. Richard Neal [D-MA]	Rep. Devin Nunes [R-CA]	Rep. Bill Pascrell [D-NJ]
Rep. Erik Paulsen [R-MN]	Rep. Tom Price [R-GA]	Rep. Charles Rangel [D-NY]	Rep. Tom Reed [R-NY]
Rep. David Reichert [R-WA]	Rep. Peter Roskam [R-IL]	Rep. Linda Sanchez [D-CA]	Rep. Aaron Schock [R-IL]
Rep. Allyson Schwartz [D-PA]	Rep. Pete Sessions [R-TX]	Rep. Adrian Smith [R-NE]	Rep. Fortney Stark [D-CA]
Rep. Mike Thompson [D-CA]	Sen. Chris Van Hollen [D-MD]

Date	Chamber	Action
2012-05-16	House	Sponsor introductory remarks on measure. (CR E820)
2012-05-15	House	Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/5746/all-info
Text	https://www.congress.gov/112/bills/hr5746/BILLS-112hr5746ih.pdf