I 118th CONGRESS 1st Session H. R. 5275 IN THE HOUSE OF REPRESENTATIVES August 25, 2023 Mr. Kelly of Pennsylvania (for himself and Mr. Higgins of New York ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to restore the taxable REIT subsidiary asset test.

1. Restoration of taxable REIT subsidiary asset test (a) In general Section 856(c)(4)(B)(ii) of the Internal Revenue Code of 1986 is amended by striking 20 percent and inserting 25 percent . (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2023.