Exemption for distributions to publicly traded real estate investment trust (public REIT)

There shall be exempt from the payment of the excise tax levied under this part any person treated as a partnership for federal tax purposes that directly or indirectly distributes one hundred percent (100%) of its net earnings or net losses to a public REIT. Acts 2006, ch. 1019, § 12. There shall be exempt from the payment of the excise tax levied under this part any person treated as a partnership for federal tax purposes that directly or indirectly distributes one hundred percent (100%) of its net earnings or net losses to a public REIT. Acts 2006, ch. 1019, § 12.