Political Quotes

“Madam Speaker, I move to suspend the rules and pass the bill (H.R. 5901) to amend the Internal Revenue Code of 1986 to exempt certain stock of real estate investment trusts from the tax on foreign investment in United States real property interests, and for other purposes. The Clerk read the title of the bill. The text of the bill is as follows: H.R. 5901 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Real Estate Jobs and Investment Act of 2010''. SEC. 2. EXCEPTION FROM FIRPTA FOR CERTAIN STOCK OF REAL ESTATE INVESTMENT TRUSTS. (a) In General.--Paragraph (3) of section 897(c) of the Internal Revenue Code of 1986 is amended-- (1) by striking all that precedes ``If any class'' and inserting the following: ``(3) Exceptions for certain stock dispositions.-- ``(A) Exception for stock regularly traded on established securities markets.--'', (2) by adding at the end of subparagraph (A) (as added by paragraph (1)) the following: ``In the case of any class of stock of a real estate investment trust, the preceding sentence shall be applied by substituting `10 percent' for `5 percent'.'', and (3) by adding at the end the following new subparagraph: ``(B) Exception for certain stock in real estate investment trusts.-- ``(i) In general.--Stock of a real estate investment trust held by a qualified shareholder shall not be treated as a United States real property interest…”