Last week the Senate voted 65-33 to pass the Extenders bill (H.R. 2029) and it moves to the President where it is expected to be signed. As discussed in more detail in this blog, the legislation makes permanent or creates an extended life for many take breaks that have been annually renewed, or “extended” for many years. From R&D credits, to bonus depreciations, to FIRPTA reform and REIT spin-off limitations, the legislation has wide ranging impact and will require detailed scrutiny. Particularly for real estate there are significant REIT provisions and a significant FIRPTA exception for qualifying foreign pension plans (see pension exception text and summary).