"The principal goals of the REIT Improvement Act are to clarify and correct some issues surrounding the REIT Modernization Act of 1999, to eliminate a discriminatory barrier to foreign investment in publicly-traded US REITs and to provide the Internal Revenue Service with the ability to impose monetary penalties for reasonable cause violations of REIT tests in lieu of the loss of REIT status," explains NAREIT president and CEO Steven A. Wechsler.
The Senate is expected to introduce a companion act in the near future.
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