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Online Home | Site Search | Tax News & Views |Bill Limiting Stapled REITs Introduced by Archer, RothThursday, March 26, 1998 OnLine A bill limiting the tax benefits of stapled real estate investment trusts was introduced in the House and Senate March 26 by House Ways and Means Committee Chairman Bill Archer, R-Texas, and Senate Finance Committee Chairman Bill Roth, R-Del., according to a Ways and Means press release. The legislation (H.R. 3558) refines the paired-share REIT proposal offered by President Clinton’s fiscal 1999 budget proposal. Grandfathered stapled REITs generally would lose their tax benefit under the proposal, but only for assets acquired after March 26. The legislation also provides transition relief for future acquisitions that are
pursuant to a binding written contract, as well as acquisitions that already have been
announced or described in a filing with the Securities and Exchange Commission. |
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