Real Estate Investment and Jobs Act of 2015
Latest action · Apr 14, 2015 Placed on Senate Legislative Calendar under General Orders. Calendar No. 48.
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.
- IntroducedApr 14, 2015
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Real Estate Investment and Jobs Act of 2015
(Sec. 2) This section increases from 5% to 10% the stock ownership threshold in a real estate investment trust (REIT) for exempting such stock as a U.S. real property interest on disposition.
(Sec. 3) This section provides for an increase from 10% to 15% of the rate of withholding of tax on dispositions of U.S. real property interests.
(Sec. 4) This section requires any corporation that is a U.S. real property holding company during a specified period to disclose such status to the Internal Revenue Service, the corporation's shareholders, and the public. The corporation is subject to penalties for failure to make such a disclosure.
(Sec. 5) This section requires a broker to deduct and withhold a tax equal to 15% of the amount realized on the disposition of stock of a U.S. real property holding company by a foreign person.
(Sec. 6) This provision exempts regulated investment companies (RICs) and REITs from tax rules governing the treatment of stock of a domestic corporation as a U.S. real property holding company.
(Sec. 7) This section provides that neither RICs nor REITs shall not be treated as domestic corporations for purposes of determining whether dividends from a foreign corporation are eligible for the tax deduction for the U.S-sourced portion of such dividends.
(Sec. 8) This section increases from 30% to 35% the rate of the continuous levy on payments made after 180 days after the enactment of this Act to Medicare providers and suppliers for unpaid taxes.
Cosponsors
Members who signed on, in the order they did.
Actions 3
Everything that happened, newest first.
- Apr 14, 2015Committee on Finance. Original measure reported to Senate by Senator Hatch. With written report No. 114-25.
- Apr 14, 2015Introduced in Senate
- Apr 14, 2015Placed on Senate Legislative Calendar under General Orders. Calendar No. 48.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 2128 | Real Estate Investment and Jobs Act of 2015 | Related bill | Apr 30, 2015 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Apr 14, 2015Placed on Calendar Senate
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.