HR 1147 110th Congress House Taxation Commerce Contractors Dividends Excise tax Finance and Financial Sector Foreign Trade and International Finance Foreign corporations Foreign exchange Futures trading Health Health facilities Income tax Leases Real estate investment Rent Securities Stocks Subsidiary corporations Tax administration

REIT Investment Diversification and Empowerment Act of 2007

Introduced: February 16, 2007 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Feb 16, 2007

Referred to the House Committee on Ways and Means.

Feb 16, 2007

Sponsor introductory remarks on measure. (CR E384-385)

Feb 16, 2007

Introduced in House

Plain-English summary Congressional Research Service

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.

What's happening now February 16, 2007

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1