Technical Corrections Legislation Introduced in House and Senate

12/09/2016

On Dec. 6, House Ways and Means Committee Chairman Kevin Brady (R-TX) and incoming Ranking Member Richard Neal (D-MA) introduced H.R. 6439, the Tax Technical Corrections Act of 2016. Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) introduced a companion bill, S. 3506.

Separately, the Joint Committee on Taxation issued a technical explanation of the bill.

H.R. 6439 revises and updates the provisions in H.R. 4891, the Technical Corrections Act of 2016, which was introduced in April, and it includes a number of technical corrections supported by NAREIT with respect to provisions in the Protecting Americans from Tax Hikes Act of 2015 (PATH Act).

(Contact: Dara Bernstein at dbernstein@nareit.com)

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REITs, or real estate investment trusts, are companies that own or finance income-producing real estate across a range of property sectors. These real estate companies have to meet a number of requirements to qualify as REITs. Most REITs trade on major stock exchanges, and they offer a number of benefits to investors.

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REITs historically have delivered competitive total returns, based on high, steady dividend income and long-term capital appreciation. Their comparatively low correlation with other assets also makes them an excellent portfolio diversifier that can help reduce overall portfolio risk and increase returns. These are the characteristics of real estate investment.

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Nareit serves as the worldwide representative voice for REITs and real estate companies with an interest in U.S. real estate. Nareit’s members are REITs and other real estate companies throughout the world that own, operate, and finance income-producing real estate, as well as those firms and individuals who advise, study, and service those businesses.