To amend the Internal Revenue Code of 1986 to modify certain rules applicable to real estate investment trusts, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE; ETC.
(a) Short Title.--This Act may be cited as the ``Update and Streamline REIT Act of 2012'' or the ``US REIT Act of 2012''. (b) Amendment of 1986 Code.--Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. (c) Table of Contents.--The table of contents for this Act is as follows:
Sec. 1. Short title; etc. TITLE I--UPDATE OF PROHIBITED TRANSACTION AND RELATED PROVISIONS
Sec. 101. Prohibited transaction safe harbors. Sec. 102. Treatment of taxable REIT subsidiaries. TITLE II--PREFERENTIAL AND DESIGNATED DIVIDENDS
Sec. 201. Repeal of preferential dividend rule for publicly offered REITs. Sec. 202. Authority for alternative remedies to address certain failures. Sec. 203. Treatment of interest-related dividends of specified REITs. Sec. 204. Limitations on designation of dividends. TITLE III--UPDATE AND MODIFICATION OF REIT INCOME AND ASSET TESTS
Sec. 301. Debt instruments of publicly offered REITs and mortgages treated as real estate assets. Sec. 302. Asset and income test clarification regarding ancillary personal property. Sec. 303. Special rules for treatment of timber gains made permanent. Sec....