Navigating state tax implications for REITs

A journey from basics to advanced concepts

This webcast will examine the state and local tax treatment of real estate investment trusts (REITs), addressing the technical complexities with practical approaches. We will go through common pitfalls with REIT state income tax reporting: dividends-paid-deduction mechanics, net operating loss (NOL) utilization and combined reporting regimes. As we delve into more advanced considerations, we will discuss transaction and transfer-tax obligations, emerging legislative developments, and critical 2025 filing season considerations.

The following topics will be discussed:

• REIT basic concepts for state and local taxation
• Dividends-paid-deduction complexities
• NOL utilization considerations
• Combined reporting requirements
• Transaction and transfer-tax considerations
• State legislative updates impacting REITs
• Filing season reminders for tax year 2025

Learning objectives

Describe state & local tax considerations for REITs, including practical tax approaches, reporting requirements and recent relevant legislative developments.

Panelists

• Joe Betesh, Senior Manager, State & Local Tax, Ernst & Young LLP
• Stuti Grover, Partner, State & Local Tax, Ernst & Young LLP
• John Kort, Senior Manager, State & Local Tax, Ernst & Young LLP
• Matt Sutterlin, Senior Manager, State & Local Tax, Ernst & Young LLP

Moderator

• Amy McLocklin, Partner, State & Local Tax, Ernst & Young LLP

EY webcast managed and produced by Ernst & Young LLP’s Tax Technical Knowledge Services Group, Washington, DC: Lynn Fairfax