H.Res. 1595: 50th anniversary of the passage of legislation that created real estate investment trusts and gave millions of Americans new investment opportunities that helped them build a solid foundation for retirement security.

H.Res. 1595

50th anniversary of the passage of legislation that created real estate investment trusts and gave millions of Americans new investment opportunities that helped them build a solid foundation for retirement security.

Sponsor
Rep. Sander M. Levin

Date
September 15, 2010 (111th Congress, 2nd Session)

Staff Contact
Communications

Floor Situation

H.Res. 1595 is expected to be considered on the floor of the House on Wednesday, September 15, 2010, under a motion to suspend the rules, requiring a two-thirds vote for passage.  The legislation was introduced by Rep. Sander Levin (D-MI) on July 30, 2010.

Bill Summary

H.Res. 1595 would resolve that the House of Representatives:

“That the United States House of Representatives recognizes the 50th anniversary of the passage of the legislation that created real estate investment trusts (REITs) and the enhanced opportunities for investment and retirement security that have been afforded to Americans from all walks of life as a result of this landmark legislation.”

Background

On September 14, 1960, President Dwight D. Eisenhower signed into law tax legislation enabling real estate investment trusts (REITs) to be established throughout the United States.  The legislation enabled REITs to provide all investors with the same opportunity to invest in large-scale commercial real estate, a separate and distinct asset class important to the creation of balanced investment portfolios, which previously was open only to large financial institutions and wealthy individuals through direct investment in such real estate.