The following is a summary of certain proposed changes to the Real Estate Investment Trust provisions of the Internal Revenue Code included in recent legislative proposals.
After several months of hearings on comprehensive tax reform, on February 26, 2014, Representative David Camp, chair of the House Ways and Means Committee, released draft legislation referred to as the Tax Reform Act of 2014 that proposes to amend major portions of the Internal Revenue Code to provide for comprehensive tax reform. On March 4th, President Obama released his Budget Proposals for 2015. Although neither the Tax Reform Act of 2014 nor the Budget Proposal have been formally introduced as a bill, and the prospects for passage of either set of proposals is uncertain at this point, given the significant nature of the proposed reforms, we will monitor their progress and provide updates as warranted.
We have also prepared summaries of other provisions included in these legislative proposals relevant to other topical areas.