US Congress House Bill 5487 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on September 16 2014 - 25% progression, died in committee
Action: 2014-09-16 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Real Estate Investment and Jobs Act of 2014 - Amends the Internal Revenue Code to: (1) increase from 5% to 10% the allowable ownership interest in real estate investment trust (REIT) stock for purposes of tax exemptions allowed by the Foreign Investment in Real Property Tax Act (FIRPTA) relating to foreign investment in U.S. real property interests; (2) require a U.S. real property holding corporation to make its status readily accessible and publicly available; (3) require brokers who sell an interest in a U.S. real property holding corporation to deduct and withhold 10% on the amount realized from the sale, with specified exceptions; (4) include regulated investment companies (RICs) and real estate investment companies (REITs) in the definition of U.S. real property interests; and (5) deny dividends derived from RICs and REITs a tax deduction for the U.S. source portion of dividends from certain foreign corporations.

Real Estate Investment and Jobs Act of 2014

Rep. Kevin Brady [R-TX]

Rep. Joseph Crowley [D-NY]

Date	Chamber	Action
2014-09-16	House	Referred to the House Committee on Ways and Means.

HB2870 (Related) 2013-07-31 - Referred to the House Committee on Ways and Means.
SB1181 (Related) 2013-06-18 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/5487/all-info
Text	https://www.congress.gov/113/bills/hr5487/BILLS-113hr5487ih.pdf