I 

115TH CONGRESS 

1ST SESSION H. R. 4531 

To amend the Internal Revenue Code of 1986 to treat rents received by 

a real estate investment trust from a parking facility leased to a taxable 

REIT subsidiary in the same manner as rents from lodging and health 

care facilities leased to such a subsidiary. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 4, 2017 

Mr. POE of Texas 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 treat rents 

received by a real estate investment trust from a parking 

facility leased to a taxable REIT subsidiary in the same 

manner as rents from lodging and health care facilities 

leased to such a subsidiary. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘REIT Parity Act’’. 


SSpencer on DSKBBXCHB2PROD with BILLS
2 

•HR 4531 IH

1 SEC. 2. APPLICATION OF THE LODGING AND HEALTH CARE 

2 REIT RULES TO PARKING REITS. 

3 (a) INCLUSION OF PARKING REITs TO EXCEPTION

4 FOR CERTAIN LODGING FACILITIES AND HEALTH CARE

5 PROPERTY.—Section 856(d)(8)(B) of the Internal Rev6 enue Code of 1986 is amended— 

7 (1) striking ‘‘paragraph (9)(D)) or’’ and insert8 ing ‘‘paragraph (9)(D)), a qualified parking facility 

9 (as defined in paragraph (9)(E)), or’’; 

10 (2) by striking ‘‘or qualified lodging facility’’ 

11 and inserting ‘‘, qualified lodging facility, or quali12 fied parking facility’’; and 

13 (3) by striking ‘‘LODGING FACILITIES AND’’ and 

14 inserting ‘‘LODGING FACILITIES, PARKING FACILI15 TIES, AND’’. 

16 (b) AMENDMENT TO DEFINITION OF ELIGIBLE

17 INDEPENDENT CONTRACTOR.—Section 856(d)(9) of such 

18 Code is amended— 

19 (1) by striking ‘‘qualified lodging facility or’’ 

20 each place it appears and inserting ‘‘qualified lodg21 ing facility, qualified parking facility, or’’; and 

22 (2) by striking ‘‘qualified lodging facilities or’’ 

23 in subparagraph (A) and inserting ‘‘qualified lodging 

24 facilities, qualified parking facilities, or’’. 

25 (c) ADDITION OF DEFINITION OF QUALIFIED PARK26 ING FACILITY.—Section 856(d)(9) of such Code is amendVerDate Sep 11 2014 01:40 Dec 09, 2017 Jkt 079200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H4531.IH H4531

SSpencer on DSKBBXCHB2PROD with BILLS
3 

•HR 4531 IH

1 ed by redesignating subparagraphs (E) and (F) as sub2 paragraphs (F) and (G), respectively, and by inserting 

3 after subparagraph (D) the following new subparagraph: 

4 ‘‘(E) QUALIFIED PARKING FACILITY.—For 

5 purposes of this paragraph— 

6 ‘‘(i) IN GENERAL.—The term ‘quali7 fied parking facility’ means any real prop8 erty (including interests therein), and any 

9 personal property incident to such real 

10 property, which is a parking facility. 

11 ‘‘(ii) PARKING FACILITY.—The term 

12 ‘parking facility’ means any facility at 

13 which motor vehicles are parked for terms 

14 of less than 1 calendar month in exchange 

15 for a fee (including customary amenities 

16 and facilities operated as part of, or associ17 ated with, any such facility so long as such 

18 amenities and facilities are customary for 

19 other properties of a comparable size and 

20 class owned by other owners unrelated to 

21 such real estate investment trust).’’. 

22 (d) AMENDMENT TO EXCEPTIONS FROM TAXABLE

23 REIT SUBSIDIARIES.—Section 856(l)(3) of such Code is 

24 amended— 


SSpencer on DSKBBXCHB2PROD with BILLS
4 

•HR 4531 IH

1 (1) in subparagraph (A), by striking ‘‘a lodging 

2 facility or’’ and inserting ‘‘a lodging facility, a park3 ing facility used predominantly to generate fees from 

4 the parking of motor vehicles for terms of less than 

5 1 calendar month, or’’; 

6 (2) in subparagraph (B), by striking ‘‘any lodg7 ing facility or’’ and inserting ‘‘any lodging facility, 

8 parking facility used predominantly to generate fees 

9 from the parking of motor vehicles for terms of less 

10 than 1 calendar month, or’’; and 

11 (3) in the second sentence— 

12 (A) by striking ‘‘a lodging facility or’’ and 

13 inserting ‘‘a lodging facility, a parking facility, 

14 or’’; and 

15 (B) by striking ‘‘such lodging facility or’’ 

16 in the second sentence and inserting ‘‘such 

17 lodging facility, parking facility, or’’. 

18 (e) ADDITION OF DEFINITION OF PARKING FACIL19 ITY.—Section 856(l)(4) of the Internal Revenue Code of 

20 1986 is amended by adding at the end the following new 

21 subparagraph: 

22 ‘‘(C) PARKING FACILITY.—The term ‘park23 ing facility’ has the meaning given to such term 

24 by subsection (d)(9)(E)(ii).’’. 


SSpencer on DSKBBXCHB2PROD with BILLS
5 

•HR 4531 IH

1 (f) EFFECTIVE DATE.—The amendments made by 

2 this section shall apply to taxable years beginning after 

3 the date of the enactment of this Act. 

Æ 


SSpencer on DSKBBXCHB2PROD with BILLS