PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S10734-10735)
Congressional Research Service
Version 00 · Introduced in Senate · Sep 29, 2006
REIT Investment Diversification and Empowerment Act of 2006 - Amends Internal Revenue Code provisions relating to real estate investment trusts (REITs) to: (1) treat passive foreign exchange gains attributable to overseas real estate investment as qualifying REIT income; (2) increase from 20 to 25% the the maximum value of a REIT's total assets thay may be represented by securities of one or more taxable REIT subsidiaries; (3) revise safe harbor rules for the excise tax penalty on certain REIT sales activities; (4) treat rental payments made by a health care facility to a REIT as qualifying REIT income; and (5) treat income from, and interests in, foreign-qualified REITs as qualifying REIT income and assets.
People & committees
Sen. Hatch, Orrin G. [R-UT] · R–UT
Legislative record
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Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S10734-10735)
Sponsor introductory remarks on measure. (CR S10732-10734)
Introduced in Senate
Primary sources
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Source last updated: Aug 15, 2025. Consult Congress.gov for the current record.
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