A bill to amend the Internal Revenue Code of 1954 with respect to the treatment of certain employee's trusts organized to invest in real estate.

Amends the Internal Revenue Code to confer tax-exempt status upon employee benefit trusts organized to invest in real estate. Sets forth requirements for the qualification of such a trust for preferential tax treatment including requirements that the total cost of all the trust's property exceed $10,000,000 and that at least 75 percent of such total cost consists of real property, interests in real property, cash, or Government securities.