II 111th CONGRESS 2d Session S. 3289 IN THE SENATE OF THE UNITED STATES April 29, 2010 Mr. Cardin introduced the following bill; which was read twice and referred to the Committee on Finance A BILL 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.

1.

Short title

This Act may be cited as the Sustainable Property Grants Act of 2010.

2.

Elimination of REIT ratable share limitation for ARRA grants with respect to specified energy property

(a)

In general

Subsection (f) of section 1603 of the American Recovery and Reinvestment Tax Act of 2009 is amended by inserting after Code of 1986 the following: , except that subsection (d)(1) thereof shall not apply in the case of a real estate investment trust (as defined in section 856 of such Code). (b)

Effective date

The amendment made by this section shall apply to grants made after the date of the enactment of this Act.