,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #addh  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #i1 #bjac ,mr4 
,au/9 ,scott ( ,georgia 7= himself1 ,mr4
 ,br\n ( ,georgia1 ,mr4 ,we/morel&1 ,mr4
 ,rog]s ( ,alabama1 ,mr4 ,yoho1 ,mr4    
,mc,intyre1 ,mr4 ,k+/on1 & ,mr4 ,craw=d7
 introduc$ ! foll[+ bill2 :i* 0 ref]r$  
to ! ,committee on ,ways & ,means  ,a   
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf to increase ! aggregate   
r$uction 9 ! fair m>ket value ( f>m1    
etc41 real prop]ty "u section #bjcb;,a  
to #b1jjj1jjj1 & = o!r purposes4  #a4   
,%ort title ,?is ,act may be cit$ z !   
,f>m]s & ,ran*]s ,m9imiz+ ,e/ate        
,regulations ,act ( #bjac or ! ,,f>m]   
,act ( #bjac4  #b4 ,modifications to    
alt]nate valuation ( f>m1 etc41 real    
prop]ty  7a7 ,maximum r$uction increas$ 
to #b1jjj1jjj  7#a7 ,9 g5]al ,p>agraph  
7#b7 ( section #bjcb;,a7a7 ( ! ,int]nal 
,rev5ue ,code ( #aihf 7relat+ to        
limitation on aggregate r$uction 9 fair 
m>ket value7 is am5d$ by /rik+ #gej1jjj 

& ins]t+ #b1jjj1jjj4  7#b7 ,con=m+      
am5dm5t ,! fir/ s5t5ce ( section        
#bjcb;,a7a77#c7 ( su* ,code is am5d$ to 
read z foll[s3  ,9 ! case ( e/ates (    
dec$5ts dy+ 9 a cal5d> ye> aft] #bjab1 !
 #b1jjj1jjj am\nt conta9$ 9 p>agraph    
7#b7 %all be increas$ by an am\nt equal 
to-- 7,a7 #b1jjj1jjj1 multipli$ by  7,b7
 ! co/-(-liv+ adju/m5t det]m9$ "u       
section #a7;f77#c7 = su* cal5d> ye> by  
sub/itut+ cal5d> ye> #bjaa = cal5d> ye> 
#aiib 9 subp>agraph 7,b7 !re(4  4  7b7  
,r$uction 9 requir$ hold+ & use p]iods (
 dec$5t ,subp>agraph 7,c7 ( section     
#bjcb;,a7b77#a7 ( su* ,code is am5d$--  
7#a7 by /rik+ #h-ye> p]iod & ins]t+     
#e-ye> p]iod1 &  7#b7 by /rik+ #e ye>s &
 ins]t+ #c ye>s4  7c7 ,r$uction 9       
requir$ hold+ & use p]iods ,to avoid    
recapture  7#a7 ,9 g5]al ,p>agraph 7#a7 
( section #bjcb;,a7c7 ( su* ,code is    
am5d$--  7,a7 by /rik+ #aj ye>s & ins]t+
 #e ye>s1 &  7,b7 by /rik+ subp>agraph  
7,b7 & ins]t+ ! foll[+ new subp>agraph3 
7,b7 !re h be5 p]iods aggregat+ #c ye>s 

or m dur+ :i* ! qualifi$ heir does n use
 = ! qualifi$ use ! qualifi$ real       
prop]ty :i* 0 acquir$ 7or pass$7 f !    
dec$5t1  4  7#b7 ,con=m+ am5dm5t ,clause
 7ii7 ( section #bjcb;,a7c77#g77;,a7 (  
su* ,code is am5d$ by /rik+ #aj-ye> &   
ins]t+ #e-ye>4  7d7 ,c]ta9 r5ts f       
controll$ entities treat$ z qualifi$    
,subp>agraph 7,e7 ( section             
#bjcb;,a7c77#g7 ( su* ,code is am5d$ by 
ins]t+ 7or to an entity m ?an #ej p]c5t 
7by vote & value7 ( ! equity int]e/s 9  
:i* are own$ directly by memb]s ( su*   
family7 aft] desc5dant4  7e7 ,repeal (  
use ( gross ca% r5tal ( comp>able l& 9  
valu+ f>ms  7#a7 ,9 g5]al ,subp>agraphs 
7,a7 & 7,b7 ( section #bjcb;,a7e77#g7 ( 
su* ,code 7relat+ to me?od ( valu+ f>ms7
 are am5d$ to read z foll[s3  7,a7 ,9   
g5]al ,! value ( a f>m = f>m+ purposes  
%all be det]m9$ by divid+--  7i7 !      
excess ( ! av]age annual net %>e r5tal =
 comp>able l& us$ = f>m+ purposes &     
locat$ 9 ! locality ( su* f>m ov] !     
av]age annual ,/ate & local real e/ate  

taxes = su* comp>able l&1 by  7ii7 !    
av]age annual effective int]e/ rate =   
all new ,f$]al ,l& ,bank loans4  ,=     
purposes ( ! prec$+ s5t5ce1 ! av]age    
annual net %>e r5tal computation %all be
 made on ! basis ( ! #e mo/ rec5t cal5d>
 ye>s end+ be=e ! date ( ! dec$5t's     
dea?4  7,b7 ,net %>e r5tal ,= purposes (
 ?is p>agraph1 ! t]m net %>e r5tal means
 ! excess (--  7i7 ! value ( ! produce  
receiv$ by ! lessor ( ! l& on :i* su*   
produce is gr[n1 ov]  7ii7 ! ca% op]at+ 
exp5ses ( gr[+ su* produce :i*1 "u !    
lease1 are paid by ! lessor4  4  7#b7   
,con=m+ am5dm5t ,subp>agraph 7,c7 (     
section #bjcb;,a7e77#g7 ( su* ,code is  
am5d$ by /rik+ t !re is no comp>able l& 
f :i* ! av]age annual gross ca% r5tal   
may be det]m9$1 &4  7f7 ,effective date 
,! am5dm5ts made by ?is section %all    
apply to e/ates ( dec$5ts dy+ aft] !    
date ( ! enactm5t ( ?is ,act4  #c4      
,woodl&s subject to managem5t plan  7a7 
,9 g5]al ,p>agraph 7#b7 ( section       
#bjcb;,a7c7 ( ! ,int]nal ,rev5ue ,code (

 #aihf is am5d$ by add+ at ! end !      
foll[+ new subp>agraph3  7,f7 ,exception
 = woodl&s subject to managem5t plan    
,subp>agraph 7,e7 %all n apply to any   
disposition or sev]ance ( /&+ timb] on a
 qualifi$ woodl& if ! h>ve/ is--  7i7   
consi/5t ) a writt5 =e/ managem5t plan  
develop$ "u ! ,coop]ative ,=e/ry        
,assi/ance ,act ( #aigh 7#af ,u4,s4,c4  
#bajc;a71 or an equival5t plan approv$  
by ! ,/ate ,=e/]1  7ii7 conduct$ "u !   
guidance ( a qualifi$ =e/ry pr(essional 
7z det]m9$ by ! ,secret>y 9 consultation
 ) ! ,unit$ ,/ates ,=e/ ,s]vice71 or    
7iii7 conduct$ on l&s c]tifi$ to a      
?ird-p>ty audit$ =e/ c]tification sy/em 
or simil> l& managem5t protocol1 z      
det]m9$ by ! ,unit$ ,/ates ,=e/ ,s]vice4
  4  7b7 ,effective date ,! am5dm5t made
 by subsection 7a7 %all apply to !      
disposition or sev]ance ( /&+ timb] aft]
 ! date ( ! enactm5t ( ?is ,act4