H. R. 840
IN THE HOUSE OF REPRESENTATIVES
February 4, 2021
Mr. Schneider (for himself, Mr. LaHood, Ms. Sewell, Mr. Suozzi, Mr. Buchanan, Ms. Sánchez, Mrs. Walorski, and Mr. Beyer) introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to modify rules related to rents received by real estate investment trusts from related parties.
This Act may be cited as the
Retail Revitalization Act of 2021.
Modification of rules related to rents received by real estate investment trusts from related parties
Increase in permissible ownership percentage
Section 856(d)(2)(B) of the Internal Revenue Code of 1986 is amended by striking
10 percent or more each place it appears and inserting
more than 50 percent.
Modification of rules for constructive ownership of stock
Section 856(d)(5) of such Code is amended—
in subparagraph (A) and inserting
10 percent shall be substituted for
more than 50 percent shall be substituted for
50 percent or more
25 percent or more in subparagraph (B) and inserting
more than 50 percent, and
and at the end of subparagraph (A), by striking the period at the end of subparagraph (B) and inserting
, and, and by adding at the end the following new subparagraph:
section 318(a)(5)(C) shall be applied by substituting
paragraph (2) or (3) for
Modification of rules for taxable REIT subsidiaries
Section 856(d)(8)(A)(i) of such Code is amended by striking
90 percent and inserting
The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.