,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #cabc  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #aa1 #bjba ,mr4  
,suozzi 7= himself & ,mr4 ,la,hood7     
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ways & ,means  ,a     
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf to provide ! same treatm5t
 to publicly (f]$1 non-trad$ ,real      
,e/ate ,inve/m5t ,tru/s z is provid$ to 
ex*ange-trad$ ,real ,e/ate ,inve/m5t    
,tru/s "u ! ,=eign ,inve/m5t 9 ,real    
,prop]ty ,tax ,act ( #aihj4  #a4 ,%ort  
title ,?is ,act may be cit$ z ! ,p>ity =
 ,non-,trad$ ,r,e,i,ts ,act4  #b4       
,exception = publicly (f]$ real e/ate   
inve/m5t tru/s  7a7 ,9 g5]al ,section   
#hig ( ! ,int]nal ,rev5ue ,code ( #aihf 
is am5d$--  7#a7 9 subsection 7c77#c71  
by /rik+ regul>ly trad$ on an e/abli%$  
securities m>ket & ins]t+ ei!r regul>ly 
trad$ on an e/abli%$ securities m>ket   
or1 solely ) respect to real e/ate      
inve/m5t tru/s1 publicly (f]$ 7)9 !     
mean+ ( section #efb7;c77#b71  7#b7 9   

subsection 7h77#a71 by /rik+ ) respect  
to any class ( /ock :i* is regul>ly     
trad$ on an e/abli%$ securities m>ket   
locat$ 9 ! ,unit$ ,/ates & ins]t+ ei!r1 
) respect to any class ( /ock :i* is    
regul>ly trad$ on an e/abli%$ securities
 m>ket locat$ 9 ! ,unit$ ,/ates or1     
solely ) respect to real e/ate inve/m5t 
tru/s1 publicly (f]$ 7)9 ! mean+ (      
section #efb7;c77#b771 &  7#c7 9 ! head]
 ( subsection 7k77#a71 by ins]t+ or     
publicly (f]$ aft] publicly trad$4  7b7 
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ,decemb] #ca1 #bjbj4