[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3123 Introduced in House (IH)]

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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.


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                    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

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                                 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 Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Parity for Non-Traded REITs Act''.

SEC. 2. EXCEPTION FOR PUBLICLY OFFERED REAL ESTATE INVESTMENT TRUSTS.

    (a) In General.--Section 897 of the Internal Revenue Code of 1986 
is amended--
            (1) in subsection (c)(3), by striking ``regularly traded on 
        an established securities market'' and inserting ``either 
        regularly traded on an established securities market or, solely 
        with respect to real estate investment trusts, publicly offered 
        (within the meaning of section 562(c)(2)'',
            (2) in subsection (h)(1), by striking ``with respect to any 
        class of stock which is regularly traded on an established 
        securities market located in the United States'' and inserting 
        ``either, with respect to any class of stock which is regularly 
        traded on an established securities market located in the 
        United States or, solely with respect to real estate investment 
        trusts, publicly offered (within the meaning of section 
        562(c)(2))'', and
            (3) in the header of subsection (k)(1), by inserting ``or 
        publicly offered'' after ``publicly traded''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2020.
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