Virginia real estate investment trust definition

Virginia real estate investment trust means a real estate investment trust, as defined in 26 U.S.C.
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Virginia real estate investment trust means a real estate investment trust, as defined in 26 U.S.C. 710 § 856, that has been certified by the Department as a Virginia real estate investment trust. In order to be 711 certified as a Virginia real estate investment trust, the trustee shall register the trust with the Department 712 prior to December 31, 2024, indicating that it intends to invest at least 90 percent of trust funds in 713 Virginia and at least 40 percent of trust funds in real estate in localities that are distressed or double 714 distressed. If the Department determines that the trust satisfies the preceding criteria, the Department 715 shall certify the trust as a Virginia real estate investment trust at such time as the trust actually invests 716 at least 90 percent of trust funds in Virginia and at least 40 percent of trust funds in real estate in 717 localities that are distressed or double distressed.
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Examples of Virginia real estate investment trust in a sentence

  • IDOR also argues that the doctrine of res judicata now bars David from relitigating the amount or enforceability of its claim because David already contested its claim in the adversary.The doctrine of res judicata prevents courts from relitigating claims and issues in order to promote the finality of judgments and conserve judicial resources.

  • For taxable years beginning on and after January 1, 2019, taxpayers may claim a subtraction for income attributable to an investment in a Virginia real estate investment trust made on or after January 1, 2019 but before December 31, 2024.

  • In order for the subtraction to be claimed on the investors’ income tax returns, the real estate investment trust in which they invest must be certified by the Department as a Virginia real estate investment trust for the taxable year during which the investment was made.

  • In order to claim the subtraction, the investment trust must be certified by the Department of Taxation as a Virginia real estate investment trust.

  • House Bill 365 (Chapter 821) amends §§ 58.1-322.02 and 58.1-402 to create an individual income tax subtraction for certain income attributable to an investment in a Virginia real estate investment trust (“REIT”) made on or after January 1, 2019, but before December 31, 2024.

  • House Bill 365 (Chapter 821) amends §§ 58.1-322.02 and 58.1-402 to create a corporate income tax subtraction for certain income attributable to an investment in a Virginia real estate investment trust (“REIT”) made on or after January 1, 2019, but before December 31, 2024.

  • That prior to December 31, 2018, the Department of Taxation shall develop guidelines establishing procedures implementing the provisions of this act relating to the registration and certification of a real estate investment trust as a Virginia real estate investment trust.

Related to Virginia real estate investment trust

  • REIT means a real estate investment trust under Section 856 of the Code.

  • Nonpurpose Investment means any investment property, as defined in section 148(b) of the Code, in which Gross Proceeds of the Bonds are invested and which is not acquired to carry out the governmental purposes of the Bonds.