Parity for Non-Traded REITs Act

I 117TH CONGRESS 1ST SESSION H. R. 3123 To amend the Internal Revenue Code of 1986 to provide the same treatment to publicly offered, non-traded Real Estate Investment Trusts as is provided to exchange-traded Real Estate Investment Trusts under the Foreign Investment in Real Property Tax Act of 1980. IN THE HOUSE OF REPRESENTATIVES MAY 11, 2021 Mr. SUOZZI (for himself and Mr. LAHOOD) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to provide the same treatment to publicly offered, non-traded Real Estate Investment Trusts as is provided to exchange- traded Real Estate Investment Trusts under the Foreign Investment in Real Property Tax Act of 1980. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Parity for Non-Traded 4 REITs Act’’. 5 VerDate Sep 11 2014 03:28 Jun 18, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3123.IH H3123 pbinns on DSKJLVW7X2PROD with BILLS 2 •HR 3123 IH SEC. 2. EXCEPTION FOR PUBLICLY OFFERED REAL ESTATE 1 INVESTMENT TRUSTS. 2 (a) IN GENERAL.—Section 897 of the Internal Rev- 3 enue Code of 1986 is amended— 4 (1) in subsection (c)(3), by striking ‘‘regularly 5 traded on an established securities market’’ and in- 6 serting ‘‘either regularly traded on an established se- 7 curities market or, solely with respect to real estate 8 investment trusts, publicly offered (within the mean- 9 ing of section 562(c)(2)’’, 10 (2) in subsection (h)(1), by striking ‘‘with re- 11 spect to any class of stock which is regularly traded 12 on an established securities market located in the 13 United States’’ and inserting ‘‘either, with respect to 14 any class of stock which is regularly traded on an 15 established securities market located in the United 16 States or, solely with respect to real estate invest- 17 ment trusts, publicly offered (within the meaning of 18 section 562(c)(2))’’, and 19 (3) in the header of subsection (k)(1), by in- 20 serting ‘‘OR PUBLICLY OFFERED’’ after ‘‘PUBLICLY 21 TRADED’’. 22 (b) EFFECTIVE DATE.—The amendments made by 23 this section shall apply to taxable years beginning after 24 December 31, 2020. 25 Æ VerDate Sep 11 2014 03:28 Jun 18, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H3123.IH H3123 pbinns on DSKJLVW7X2PROD with BILLS