To amend the Internal Revenue Code of 1986 to restore the taxable REIT subsidiary asset test.

This bill changes a tax rule for Real Estate Investment Trusts (REITs) that use taxable subsidiaries. It increases the percentage limit for assets held in these subsidiaries from 20% to 25% of a REIT's total assets, directly affecting REIT companies that operate through such subsidiaries. The key provision amends the Internal Revenue Code to restore this higher asset threshold, which had been reduced earlier. The change applies to taxable years starting after December 31, 2025.