Real Estate Investment Trust Tax Act
Latest action. Referred to House Committee on Ways and Means.
Real Estate Investment Trust Tax Act - Provides, under the Internal Revenue Code, that if a determination with respect to a real estate investment trust results in any adjustment for any taxable year, a deduction shall be allowed for the amount of deficiency dividends for purposes of determining the deduction for dividends paid for such year. Sets forth the rules governing the application of such provision, including: (1) definition of the term "adjustment"; (2) interest and penalties based on the full amount of adjustment; (3) the amount of adjustment attributable to a determination; (4) the effect on shareholders or holders of beneficial interests; and (5) definitions of "determination" and "deficiency dividends". Provides that any real estate investment trust which is liable for interest for any period by reason of any determination with respect to which a deduction is allowed shall pay a penalty in an amount equal to the amount of such interest attributable solely to such determination. Requires the imposition of a tax in cases of a determination of failure to meet specified requirements. Prescribes rules for the treatment of foreclosure property with respect to a grace period and extensions and terminations of such grace period. Provides that property shall be treated as foreclosure property only if the real estate investment trust so elects on or before the due date for filing its return of tax. Imposes for each taxable year on the net income from foreclosure property and other property of every real estate investment trust a tax as if such income constituted the taxable income of a corporation. Increases the 90-percent gross income requirement to 95 percent. Defines the terms "rents from real property" and "independent contractor". Provides that real estate investment trusts may be incorporated. Makes technical and conforming amendments. Sets forth the effective dates for the provisions of this Act.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on October 24, 1973. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on October 24, 1973: Referred to House Committee on Ways and Means.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 93rd Congress (1973-74), 651 of the 23,396 bills and joint resolutions introduced became law, about 2.8 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
PHILLIP LANDRUM (D-GA) introduced it on October 24, 1973, and 3 members have since signed on as cosponsors.
They come from both major parties: 1 Democrat, 2 Republicans.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on October 24, 1973, 19314 days ago. The most recent recorded action was 19314 days ago, on October 24, 1973.
Measures do not carry over. Anything the 93rd Congress has not finished by January 3, 1975 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers