REIT Investment Diversification and Empowerment Act of 2007

Summary

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.

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Timeline

1. 3 August 2007

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 3 August 2007

   Introduced

   Sponsor introductory remarks on measure. (CR S10931-10932)

   Source: IntroReferral

3. 3 August 2007

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 3 August 2007 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 3 August 2007

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 3 August 2007

  DownloadOpen at official source

• Introduced in Senate

  summary · EN · 3 August 2007

  Open at official source

Sponsors

• Sen. Hatch, Orrin G. [R-UT] · R · Sponsor
• Sen. Salazar, Ken [D-CO] · D · Sponsor
• Sen. Smith, Gordon H. [R-OR] · R · Sponsor
• Sen. Kerry, John F. [D-MA] · D · Sponsor
• Sen. Crapo, Mike [R-ID] · R · Cosponsor
• Rep. Bunning, Jim [R-KY-4] · R · Cosponsor
• Sen. Conrad, Kent [D-ND] · D · Cosponsor
• Sen. Rockefeller, John D., IV [D-WV] · D · Cosponsor
• Sen. Landrieu, Mary L. [D-LA] · D · Cosponsor
• Rep. Roberts, Pat [R-KS-1] · R · Cosponsor
• Rep. Snowe, Olympia J. [R-ME-2] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → REIT Investment Diversification and Empowerment Act of 2007