Tower Companies May Be Disqualified as REITsComments Off on Tower Companies May Be Disqualified as REITs
Within the few last years, many companies have reorganized as real estate investment trusts (REITs) for federal income tax purposes. American Tower Corporation began operating as a REIT at the beginning of 2012 and Crown Castle followed suit in January 2014. However, the Boston Globe recently reported, “A Republican leader in the House of Representatives wants to block the rush to form REITs. With the surge in real estate trusts costing the U.S. government billions in lost tax payments, Representative Dave Camp of Michigan, who chairs the House Ways and Means Committee, has drafted a massive tax reform bill that would reverse past IRS rulings and outlaw many REIT conversions.” Continue reading here.