To amend the Internal Revenue Code of 1986 to modify certain rules applicable to real estate investment trusts, and for other purposes.

Summary

Official

Update and Streamline REIT Act of 2012 or US REIT Act of 2012 - Amends the Internal Revenue Code, with respect to the tax treatment of real estate investment trusts (REITs), to: (1) modify safe harbor rules for avoiding penalties for prohibited sales of rental and timber properties by REITs by allowing three-year averaging of sales proceeds for such properties, (2) repeal the preferential...

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Bill Progress

Bill has been introduced and assigned a number

Introduced(5/15/12)

Committee

Passed House

Passed Senate

President

Law

Sponsor

Mr. TIBERI

(R) OH – 12

Cosponsors (10)

Larson

House (D) Connecticut

Davis

House (D) Illinois

Neal

House (D) Massachusetts

Buchanan

House (R) Florida

Smith

House (R) Nebraska

Van Hollen

Senate (D) Maryland

Thompson

House (D) California

Sánchez

House (D) California

Doggett

House (D) Texas

Sessions

House (R) Texas

Latest Action

Sponsor introductory remarks on measure. (CR E820)

May 16, 2012