H.R. 1147 (110th): REIT Investment Diversification and Empowerment Act of 2007

Introduced:
Feb 16, 2007 (110th Congress, 2007–2009)
Status:
Died (Referred to Committee)
See Instead:

S. 2002 (same title)
Referred to Committee — Aug 03, 2007

Sponsor
Joseph Crowley
Representative for New York's 7th congressional district
Party
Democrat
Text
Read Text »
Last Updated
Feb 16, 2007
Length
16 pages
Related Bills
S. 2002 (Related)
REIT Investment Diversification and Empowerment Act of 2007

Referred to Committee
Last Action: Aug 03, 2007

 
Status

This bill was introduced on February 16, 2007, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 16, 2007
Referred to Committee Feb 16, 2007
 
Full Title

To amend the Internal Revenue Code of 1986 to simplify certain provisions applicable to real estate investment trusts, and for other purposes.

Summary

No summaries available.

Cosponsors
34 cosponsors (19D, 15R) (show)
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


2/16/2007--Introduced.
REIT Investment Diversification and Empowerment Act of 2007 - Amends Internal Revenue Code provisions relating to real estate investment trusts (REITs) to:
(1) treat passive foreign exchange gains attributable to overseas real estate investment as qualifying REIT income;
(2) increase from 20 to 25% the the maximum value of a REIT's total assets thay may be represented by securities of one or more taxable REIT subsidiaries;
(3) revise safe harbor rules for the excise tax penalty on certain REIT sales activities;
(4) treat rental payments made by a health care facility to a REIT as qualifying REIT income; and
(5) treat income from, and interests in, foreign-qualified REITs as qualifying REIT income and assets.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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