"Focus: Building & Real Estate" piece on real estate investment trusts (REITs),

Whit Richardson

Source

Mainebiz

Date

2-11-2008

Pages

34-35

Abstract

"Focus: Building & Real Estate" piece on real estate investment trusts (REITs), with a focus on legislation that could significantly impact the state's largest property owners. Rep. Robert Duchesne (D-Hudson) has introduced a bill that challenges the tax status of REITs, which avoid corporate income tax as long as they pay out at least 90 percent of their taxable income to shareholders in the form of dividends. Under Duchesne's bill, REITs operating in Maine would be subject to a corporate income tax on the sale of any land or property. Duchesne is primarily concerned with timberland REITs, which are relatively new and are under more pressure to pursue development than traditional timberland owners. Plum Creek is the only timberland REIT currently operating in Maine, but the Seattle-based company owns 4.4 percent of the state. With a list of REIT-owned timberland in Maine and other states.

Subjects

Real estate management, Real estate investment trusts

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