HR 5746 · 112th Congress 2011–2013, ended

US REIT Act of 2012

Introduced May 15, 2012 Originated House Sponsor Patrick J. Tiberi R-OH

Fact sheet Spreadsheet

Latest action · May 16, 2012 Sponsor introductory remarks on measure. (CR E820)

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedMay 15, 2012
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Update and Streamline REIT Act of 2012 or US REIT Act of 2012 - Amends the Internal Revenue Code, with respect to the tax treatment of real estate investment trusts (REITs), to: (1) modify safe harbor rules for avoiding penalties for prohibited sales of rental and timber properties by REITs by allowing three-year averaging of sales proceeds for such properties, (2) repeal the preferential dividend rule for dividend payments to shareholders of publicly-offered REITs, (3) revise REIT income and assets tests to allow treatment of publicly-offered REIT debt instruments and personal property leased or mortgaged in connection with REIT real property as real estate assets, (4) make permanent the treatment of gain from sales of timber property and mineral royalties as qualifying REIT income, and (5) revise the calculation of REIT earnings and profits to avoid duplicate taxation of REIT shareholders.

Cosponsors 37

Members who signed on, in the order they did. Signatures ran from May 15, 2012 to Nov 14, 2012; 15 are original cosponsors, there from the day it was introduced.

SeatCosponsorSigned on
R-ILAaron SchockOriginalMay 15, 2012
D-NYCharles B. RangelOriginalMay 15, 2012
R-WADavid G. ReichertOriginalMay 15, 2012
R-CADevin NunesOriginalMay 15, 2012
D-OREarl BlumenauerOriginalMay 15, 2012
R-MNErik PaulsenOriginalMay 15, 2012
D-CAFortney Pete StarkOriginalMay 15, 2012
R-PAJim GerlachOriginalMay 15, 2012
D-GAJohn LewisOriginalMay 15, 2012
D-NYJoseph CrowleyOriginalMay 15, 2012
R-KSLynn JenkinsOriginalMay 15, 2012
R-ILPeter J. RoskamOriginalMay 15, 2012
D-MARichard E. NealOriginalMay 15, 2012
D-WIRon KindOriginalMay 15, 2012
R-TXSam JohnsonOriginalMay 15, 2012
D-WAJim McDermottMay 18, 2012
R-NEAdrian SmithJun 7, 2012
R-TXKenny MarchantJun 7, 2012
R-NYTom ReedJun 7, 2012
R-LACharles W. Boustany, Jr.Jun 19, 2012
D-MDChris Van HollenJun 19, 2012
D-ILDanny K. DavisJun 19, 2012
D-NJBill Pascrell, Jr.Jun 21, 2012
R-TXKevin BradyJun 21, 2012
D-CAMike ThompsonJun 21, 2012
R-CAWally HergerJun 21, 2012
R-KYGeoff DavisJul 24, 2012
D-TXLloyd DoggettJul 24, 2012
R-GATom PriceJul 24, 2012
D-CTJohn B. LarsonAug 1, 2012
D-PAAllyson Y. SchwartzAug 2, 2012
R-TXPete SessionsAug 2, 2012
R-CAGary G. MillerSep 12, 2012
D-CALinda T. SánchezSep 12, 2012
D-CAXavier BecerraSep 12, 2012
R-TNDiane BlackSep 19, 2012
R-FLVern BuchananNov 14, 2012

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
HouseWays and Means Committee
Referred May 15, 2012

Actions 3

Everything that happened, newest first.

  1. May 16, 2012Sponsor introductory remarks on measure. (CR E820)
  2. May 15, 2012Introduced in House
  3. May 15, 2012Referred to the House Committee on Ways and Means.

In the Congressional Record 1

Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.

WhereIn the RecordMembersDate
ExtensionsDebate and remarks E820, E821Patrick J. Tiberi R-OH, Richard E. Neal D-MAMay 16, 2012

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Constitutional authority

Congress has the power to enact this legislation pursuant to the following: This bill makes changes to existing law relating to Article 1, Section 8 which provides that, ``The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defense and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;'' and Article 1, Section 7 which provides that ,''All bills for raising Revenue shall originate in the House of Representatives.''

The sponsor’s statement, as printed in the page H2714.

Titles 3

Every title it has carried, official and short, at each stage.

Official Title as Introduced
To amend the Internal Revenue Code of 1986 to modify certain rules applicable to real estate investment trusts, and for other purposes.
Short Titles as Introduced
Update and Streamline REIT Act of 2012
US REIT Act of 2012

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

Text 1

Each version as it was printed, newest first.

  1. May 15, 2012Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.