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The Stop Wall Street Looting Act (S. 5512 and H.R. 10595) was introduced on September 24, 2026, by Senator Elizabeth Warren (D-MA), the lead Democrat on the Senate Banking Committee, and Representative Mark Pocan (D-WI-2).
The sponsors’ stated goal is to rein in the private equity industry, but its impact extends to REITs and real estate partnerships.
The Stop Wall Street Looting Act would:
Eliminate the Section 199A 20% pass-through deduction for all REIT investors, regardless of whether the REIT is tied to private equity;
Change federal rules to “drive REITs out of health care;”
Recharacterize all carried interest (also known as “the promote”) as ordinary income even if it would otherwise be eligible for capital gains treatment.
While the bill has little chance of passage before the end of the year, it serves as a marker for the sponsors’ legislative priorities in the next Congress. Bill text and a section-by-section summary of the bill can be found here and here.
It you have additional questions, contact Phillips Hinch at phinch@icsc.com.