FIRPTA Reform DevelopmentsOn July 30, 2010, the House of Representatives passed H.R. 5901, the Real Estate Jobs and Investment Act, introduced by Rep. Joe Crowley (D-NY). This proposal would make critical and incremental changes to the Foreign Investment in Real Property Tax Act (FIRPTA) in order to provide the same U.S. tax treatment for foreign equity investments in listed U.S. REITs that currently exists for foreign equity investments in other publicly-traded U.S. businesses. For more information on this bill, as well as the additional FIRPTA reforms advocated by NAREIT, click here. |
Current IRS Issues NAREIT submitted comments to the IRS regarding the 2009-2010 Guidance Priority List on June 10, 2010. To view this letter, click here. On May 18, 2010, NAREIT submitted a letter to the IRS in response to a published article regarding NAREIT’s August 12, 2009 request for guidance on distressed debt regulations. To view this submission, click here.  On December 23, 2009, the Treasury Department and the IRS extended elective stock dividend guidance. Click here for more information. The Latest Developments on Capitol Hill On July 26, House Ways and Means Committee Chairman Sander Levin (D-MI) unveiled a discussion draft of legislation, the Domestic Manufacturing and Energy Jobs Act of 2010. Of particular interest for NAREIT members are provisions to modify and extend through 2012 a program, enacted as part of last year's American Recovery and Reinvestment Act, that provides direct cash payments to offset the cost of investments in qualifying renewable energy technology, such as rooftop solar panels. Importantly, this program would be made available to REITs without regard to their dividends paid deduction. For more information on this and other energy legislation that may impact REITs, click here. On April 29, 2010, Sen. Ben Cardin (D-MD) introduced S. 3289, the Sustainable Property Grants Act of 2010, to amend the American Recovery and Reinvestment Tax Act of 2009 to allow specified energy property grants to real estate investment trusts without regard to the ratable share income limitations. To read the text of this bill, click here. The Obama Administration released its Fiscal Year 2011 budget on February 1, 2010. We are pleased to report that this updated budget no longer contains a 2009 proposal to change the existing "check-the-box" (CTB) rules regarding entity classification for foreign subsidiaries. For further information, click here. |
REITs In The Community 
Sept. 8, 2010: Representative Tom Perriello (D-VA) (right) visited Behringer Harvard's GrandMarc at The Corner, a multifamily property located within walking distance of the University of Virginia in
Charlottesville, VA Present from Behringer Harvard were Jason Mattox, Chief Administrative Officer (center) and Frances Thompson, Community Manager (left). Rep. Perriello was briefed on recent developments at the GrandMarc as it begins a new academic year, as well as several legislative issues now pending before Congress, including FIRPTA reform and federal-state security regulation. Click here for more information on REITs in your community. Access More Hill News in PL Report Click here for the latest PL Report. Click here for the PL Report archive. |
Latest Developments for Financial Standards Click here to read NAREIT's FirstBrief, issued August 18, 2010, regarding the FASB and IASB issuance of the long-awaited lease accounting Exposure Draft. Click here for the latest SFO Alert, issued July 30, 2010, regarding the FASB's tentative decision to require reporting investment property at fair value. Click here for the July 2010 issue of SFO Report, NAREIT's Accounting & Financial Standards Update. In this issue: - Standard Setters Alter Work Plan Toward Convergence
- FASB and IASB Issue Revenue Recognition Exposure Draft
- FASB Leans toward Requiring Fair Value Reporting for Investment Property
- FASB Proposes Financial Instruments Overhaul
- FASB Releases Fair Value Measurement and Disclosure Exposure Draft
- FASB and IASB Tentatively Arrive at a Hybrid Lessor Accounting Model
- NAREIT Discusses Proposed Lease Standard with IASB Members
- FASB Seeks Input on Financial Statement Presentation
- 2010 NAREIT Financial Standards Events
For additional information on Financial Standards & Reporting, click here. |
REITPAC News and Information Click here for the latest facts and figures for REITPAC. Click here for the 2010 Washington Leadership Forum Special Edition of Capitol Report, NAREIT's Political Outreach Update. Click here for the Winter 2010 edition of Capitol Report, NAREIT's Political Outreach Update. |