HR 1147 · 110th Congress · Taxation

REIT Investment Diversification and Empowerment Act of 2007

Introduced 2007-02-16· Sponsored by Rep. Crowley, Joseph [D-NY-7]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the House Committee on Ways and Means.(2007-02-16)

Plain Language Summary

[AI summary unavailable — showing source text] 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.…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (20)

10 Democrats10 Republicans
Rep. Cantor, Eric [R-VA-7]VA
Rep. Pomeroy, Earl [D-ND-At Large]ND
Rep. Reynolds, Thomas M. [R-NY-26]NY
Rep. Stark, Fortney Pete [D-CA-13]CA
Rep. Pascrell, Bill, Jr. [D-NJ-8]NJ
Rep. Davis, Artur [D-AL-7]AL
Rep. Porter, Jon C. [R-NV-3]NV
Rep. English, Phil [R-PA-3]PA
Rep. Lewis, Ron [R-KY-2]KY
Rep. Hinojosa, Ruben [D-TX-15]TX
Rep. Tanner, John S. [D-TN-8]TN
Rep. Ramstad, Jim [R-MN-3]MN
Rep. Larson, John B. [D-CT-1]CT
Rep. Neal, Richard E. [D-MA-2]MA
Rep. Camp, Dave [R-MI-4]MI
Rep. Schwartz, Allyson Y. [D-PA-13]PA
Rep. Johnson, Sam [R-TX-3]TX
Rep. Hulshof, Kenny C. [R-MO-9]MO
Rep. Weller, Jerry [R-IL-11]IL
Rep. Blumenauer, Earl [D-OR-3]OR