[Congressional Record (Bound Edition), Volume 158 (2012), Part 5]
[Extensions of Remarks]
[Page 7012]
[From the U.S. Government Publishing Office, www.gpo.gov]




H.R. 5746, A BILL TO AMEND THE INTERNAL REVENUE CODE OF 1986 TO MODIFY 
   CERTAIN RULES APPLICABLE TO REAL ESTATE INVESTMENT TRUSTS; TO THE 
                      COMMITTEE ON WAYS AND MEANS

                                 ______
                                 

                         HON. PATRICK J. TIBERI

                                of ohio

                    in the house of representatives

                        Wednesday, May 16, 2012

  Mr. TIBERI. Mr. Speaker, along with my colleague from Massachusetts, 
Representative Neal, and Representatives Sam Johnson, Charles Rangel, 
Devin Nunes, Pete Stark, Dave Reichert, John Lewis, Peter Roskam, Earl 
Blumenauer, Jim Gerlach, Ron Kind, Aaron Schock, Joseph Crowley, Lynn 
Jenkins and Erik Paulsen, I rise today to introduce the Update and 
Streamline REIT Act (U.S. REIT Act). Congress created real estate 
investment trusts (REITs) in 1960, with the goal of providing Americans 
from all walks of life a transparent and liquid way to access the 
income and diversification benefits of investments in commercial real 
estate.
  Periodically over the past fifty years, Congress has enhanced and 
improved the REIT rules as the real estate industry and marketplace has 
evolved, typically with non-controversial legislation that attracts 
significant bipartisan support. In that vein, the last REIT update was 
introduced in 2007.
  A number of publicly traded REITs are headquartered in my home state 
of Ohio, and listed REITs as a whole have invested over $8 billion 
dollars to date in Ohio malls, office buildings, health care, hotel, 
self-storage and other properties. This investment by REITs creates 
jobs, improves local economies; and helps to support and beautify our 
communities.
  The U.S. REIT Act has been developed over a lengthy period. It has 
considerable bipartisan support and is largely revenue neutral. If 
enacted, it would increase flexibility and remove certain redundant and 
unnecessary restrictions on REIT activities, in order to enable REITs 
to continue to achieve the goals on behalf of their shareholders set 
for them by Congress over fifty years ago.

                          ____________________