REPEAL OF PREFERENTIAL DIVIDEND RULE FOR PUBLICLY OFFERED REITS.

SEC. 314. REPEAL OF PREFERENTIAL DIVIDEND RULE FOR PUBLICLY OFFERED REITS. (a) [26 U.S.C. 562] In General.—Section 562(c) is amended by inserting “or a publicly offered REIT” after “a publicly offered regulated investment company (as defined in section 67(c)(2)(B))”. (b) Publicly offered reit.—Section 562(c), as amended by subsection (a), is amended— (1) by striking “Except in the case of” and inserting the following: “(1) In general.—Except in the case of” , and (2) by adding at the end the following new paragraph: “(2) Publicly offered reit.—For purposes of this subsection, the term ‘publicly offered REIT’ means a real estate investment trust which is required to file annual and periodic reports with the Securities and Exchange Commission under the Securities Exchange Act of 1934.” . (c) [26 U.S.C. 562 note] Effective Date.—The amendments made by this section shall apply to distributions in taxable years beginning after December 31, 2014.