NAREIT wrote on April 15 to the Senate Finance Committee to provide the REIT industry’s perspective on fundamental tax reform.
In a letter to Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR), NAREIT offered extensive background on the history of the industry, the benefits of REIT investment and the role of REITs in the broader economy. NAREIT also noted some of the key issues for REITs and real estate investment that are likely to come up during deliberations on tax reform.
Importantly, NAREIT urged the committee to keep a broad definition of real estate under the REIT rules through any series of reforms.
CLICK HERE to read NAREIT’s letter to Hatch and Wyden in its entirety.
In another letter to the Senate Finance working group charged with examining ways to reform the United States’ international tax system, NAREIT encouraged the panel to “consider the unique nature of the REIT rules in designing any new international tax system.”
NAREIT noted that “REITs generally invest overseas for the purpose of generating more current income to distribute to shareholders.” Additionally, NAREIT reminded the working group that unintended consequences of any reforms could adversely impact the REIT industry.
NAREIT also offered the working group suggestions on how to treat REITs if the panel were to consider a dividend exemption system to replace the current international tax system.
CLICK HERE to read NAREIT’s comments to the Senate Committee on Finance International Tax Reform Working Group in their entirety.
(Contact: Tony Edwards at tedwards@nareit.com)