Real Estate Investment Trust Modernization Act of 1999

Summary

Real Estate Investment Trust Modernization Act of 1999 - Title I: Treatment of Income and Services Provided by Taxable REIT Subsidiaries - Excludes taxable REIT subsidiaries (TRSs) from the five and ten percent asset tests. Allows TRSs to provide non-customary tenant services. Allows a REIT to establish a TRS (as defined). Includes in the definition of "disqualified interest" (Sec. 163 of the IRC) any interest paid or accrued by a TRS to the REIT. Imposes a 100 percent tax on any interest payments by a TRS to the REIT in excess of the commercially reasonable interest rate. Title II: Health Care REITs - Includes within the definition of the term "foreclosure property" any qualified health care property acquired by a REIT as the result of the termination of a lease of such property. Title III: Conformity With Regulated Investment Company Rules - Changes the distribution requirement from 95 percent to 90 percent. Title IV : Clarification of Definition of Independent Contractor - Provides, with respect to the definition of an independent contractor, that in the event that any class of stock of is regularly traded on an established securities market, only owners who own, directly or indirectly, more than five percent of such class of stock shall be taken into account as owning any of the stock of such class for purposes of applying the 35 percent limitation. Title V: Modification of Earnings and Profits Rules - Provides rules for determining whether a Regulated Investment Company (RIC) has earnings and profits form a non-RIC year.

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Timeline

1. 14 May 1999

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 14 May 1999

   Introduced

   Sponsor introductory remarks on measure. (CR S5377-5378)

   Source: IntroReferral

3. 14 May 1999

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 14 May 1999 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 14 May 1999

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 14 May 1999

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 14 May 1999

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Mack, Connie, III [R-FL] · R · Sponsor
• Sen. Graham, Bob [D-FL] · D · Sponsor
• Sen. Hatch, Orrin G. [R-UT] · R · Sponsor
• Sen. Conrad, Kent [D-ND] · D · Sponsor
• Sen. Nickles, Don [R-OK] · R · Sponsor
• Sen. Kerrey, J. Robert [D-NE] · D · Sponsor
• Sen. Gramm, Phil [R-TX] · R · Sponsor
• Sen. Bryan, Richard H. [D-NV] · D · Sponsor
• Sen. Chafee, John H. [R-RI] · R · Sponsor
• Sen. Baucus, Max [D-MT] · D · Sponsor
• Sen. Murkowski, Frank H. [R-AK] · R · Sponsor
• Sen. Breaux, John B. [D-LA] · D · Sponsor
• Sen. Jeffords, James M. [I-VT] · R · Sponsor
• Sen. Robb, Charles S. [D-VA] · D · Sponsor
• Sen. Coverdell, Paul [R-GA] · R · Sponsor
• Sen. Rockefeller, John D., IV [D-WV] · D · Sponsor
• Sen. Helms, Jesse [R-NC] · R · Sponsor
• Sen. Torricelli, Robert G. [D-NJ] · D · Sponsor
• Sen. Hutchison, Kay Bailey [R-TX] · R · Sponsor
• Sen. Grassley, Chuck [R-IA] · R · Cosponsor
• Sen. Frist, William H. [R-TN] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Real Estate Investment Trust Modernization Act of 1999