On 23 March 2018, President Trump signed the Consolidated Appropriations Act of 2018 (the Omnibus Act), an omnibus government spending bill which includes several technical corrections of previously enacted tax provisions related to FIRPTA, REIT spin-off transactions, REIT income tests and the partnership audit rules. The Omnibus Act also includes new low-income housing tax credit provisions.
This alert covers the following technical corrections and provisions:
- Definition of a Qualified Foreign Pension Fund
- Qualified Foreign Pension Funds and Domestically Controlled REITs
- REIT Personal Property
- Other FIRPTA Clarifications
- REIT Spin-Off Clarification
- Partnership Audit Rules
- Low Income Housing Tax Credit
