Tax Law Updates | New Statutes, Regulations, and Rulings
January 5, 2010
New Illinois Statute Amends Definition of Captive Real Estate Investment Trusts
An Act Concerning Revenue
Public Act 096-0641, SB1975 Enrolled, 8/24/2009
Illinois Pat Quinn has signed into law a tax legislation that amends the Illinois Income Tax Act.
The new state law amends definition of “captive real estate investment trusts”. Specifically, the statute provides that, to be a captive real estate investment trust, at least 50% of the voting power must be controlled by a single corporation (now, controlled by a single person).
The new law exempts from the definition certain real estate investment trusts that are owned and controlled by certain entities that are organized outside of the laws of the United States. It imposes conditions on any rulemaking authority.
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View a PDF of the statute
