Retail Revitalization Act of 2021
This bill modifies rules related to rents received by real estate investment trusts (REITs) from related parties. It increases the permissible stock ownership and constructive stock ownership percentage in a REIT to 50% and modifies rules for taxable REIT subsidiaries.
To amend the Internal Revenue Code of 1986 to modify rules related to 
 rents received by real estate investment trusts from related parties.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Retail Revitalization Act of 2021''.

SEC. 2. MODIFICATION OF RULES RELATED TO RENTS RECEIVED BY REAL ESTATE 
              INVESTMENT TRUSTS FROM RELATED PARTIES.

    (a) Increase in Permissible Ownership Percentage.--Section 
856(d)(2)(B) of the Internal Revenue Code of 1986 is amended by 
striking ``10 percent or more'' each place it appears and inserting 
``more than 50 percent''.
    (b) Modification of Rules for Constructive Ownership of Stock.--
Section 856(d)(5) of such Code is amended--
            (1) by striking ```10 percent' shall be substituted for `50 
        percent''' in subparagraph (A) and inserting ```more than 50 
        percent' shall be substituted for `50 percent or more''',
            (2) by striking ``25 percent or more'' in subparagraph (B) 
        and inserting ``more than 50 percent'', and
            (3) by striking ``and'' at the end of subparagraph (A), by 
        striking the period at the end of subparagraph (B) and 
        inserting ``, and'', and by adding at the end the following new 
        subparagraph:
                    ``(C) section 318(a)(5)(C) shall be applied by 
                substituting `paragraph (2) or (3)' for `paragraph 
                (2)'.''.
    (c) Modification of Rules for Taxable REIT Subsidiaries.--Section 
856(d)(8)(A)(i) of such Code is amended by striking ``90 percent'' and 
inserting ``50 percent''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.
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Retail Revitalization Act of 2021
To amend the Internal Revenue Code of 1986 to modify rules related to rents received by real estate investment trusts from related parties.
Retail Revitalization Act of 2021
Rep. Schneider, Bradley Scott