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.