Skip to main content
HR 1616 106th Congress House Taxation Business income tax Capital gains tax Commerce Congregate housing Contracts Corporate profits Dividends Finance and Financial Sector Foreclosure Health Health facilities Hospitals Hotels, motels, etc. Housing and Community Development Income tax Interest Labor and Employment Landlord and tenant Leases

Real Estate Investment Trust Modernization Act of 1999

Introduced: April 28, 1999 See on congress.gov
Sign in to write a letter Sign in to watch
This bill died when the 106th Congress ended
It never became law before the 106th Congress (1999–2000) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 28, 1999
Referred to the House Committee on Ways and Means.
Apr 28, 1999
Sponsor introductory remarks on measure. (CR E795)
Apr 28, 1999
Introduced in House
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Plain-English summary Congressional Research Service
Real Estate Investment Trust Modernization Act of 1999 - Title I: Treatment of Income and Services Provided by Taxable REIT Subsidiaries - Excludes taxable REIT subsidiaries (TRSs) from the five and ten percent asset tests. Allows TRSs to provide non-customary tenant services. Allows a REIT to establish a TRS (as defined). Includes in the definition of "disqualified interest" (Sec. 163 of the IRC) any interest paid or accrued by a TRS to the REIT. Imposes a 100 percent tax on any interest payments by a TRS to the REIT in excess of the commercially reasonable interest rate.

Title II: Health Care REITs - Includes within the definition of the term "foreclosure property" any qualified health care property acquired by a REIT as the result of the termination of a lease of such property.

Title III: Conformity With Regulated Investment Company Rules - Changes the distribution requirement from 95 percent to 90 percent.

Title IV: Clarification of Definition of Independent Contractor - Provides, with respect to the definition of an independent contractor, that in the event that any class of stock of is regularly traded on an established securities market, only owners who own, directly or indirectly, more than five percent of such class of stock shall be taken into account as owning any of the stock of such class for purposes of applying the 35 percent limitation.

Title V: Modification of Earnings and Profits Rules - Provides rules for determining whether a Regulated Investment Company (RIC) has earnings and profits form a non-RIC year.

What's happening now April 28, 1999

Referred to the House Committee on Ways and Means.

 Related & companion bills 1
  • S 1057 Identical bill Real Estate Investment Trust Modernization Act of 1999
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Neal, Richard E.
Massachusetts · Apr 28, 1999
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1616: Real Estate Investment Trust Modernization Act of 1999. 106th Congress. Open America. https://openamerica.io/bill/106-HR-1616/
MLA
"H.R. 1616: Real Estate Investment Trust Modernization Act of 1999." 106th Congress, 2026, Open America, https://openamerica.io/bill/106-HR-1616/.
Bluebook (legal)
H.R. 1616, 106th Cong. (2026), https://openamerica.io/bill/106-HR-1616/.
Markdown link
[H.R. 1616: Real Estate Investment Trust Modernization Act of 1999](https://openamerica.io/bill/106-HR-1616/)
Report a problem