,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #deee  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #a1 #bjad ,mr4   
,pauls5 7= himself & ,mr4 ,campbell7    
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ways & ,means  ,a     
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf to exp& & make p]man5t    
rules relat$ to inve/m5t by nonresid5t  
ali5s 9 dome/ic mutual funds4  #a4      
,exemption = c]ta9 divid5ds paid by     
regulat$ inve/m5t companies to          
nonresid5t ali5s exp&$ & made p]man5t   
7a7 ,exemptions = c]ta9 divid5ds made   
p]man5t  7#a7 ,int]e/-relat$ divid5ds   
,subp>agraph 7,c7 ( section #hga7k77#a7 
( ! ,int]nal ,rev5ue ,code ( #aihf is   
am5d$ by /rik+ clause 7v74  7#b7        
,capital ga9 divid5ds ,subp>agraph 7,c7 
( section #hga7k77#b7 ( su* ,code is    
am5d$ by /rik+ clause 7v74  7b7         
,expansion ( exemption = int]e/-,relat$ 
divid5ds  7#a7 ,9 g5]al ,subp>agraph    
7,e7 ( section #hga7k77#a7 ( su* ,code  
is am5d$ by /rik+ clauses 7iii7 & 7iv7 &

 ins]t+ ! foll[+ new clauses3  7iii7    
,any am\nt ref]r$ to 9 subsection       
7i77#b77;,a7 7)\t reg>d to ! trade or   
bus9ess ( ! regulat$ inve/m5t company7  
or 9 subsection 7i77#b77;,b74  7iv7 ,any
 int]e/ :i* is exempt f tax "u section  
#ajc or any o!r provision ( law )\t     
reg>d to ! id5tity ( ! hold]4  7v7 ,any 
o!r am\nt includible 9 gross income t is
 det]m9$ by ref]5ce to an int]e/ rate & 
t w\ld n be subject to )hold+ "u section
 #adda if receiv$ by a nonresid5t ali5  
individual4  7vi7 ,any am\nt includible 
9 gross income f s\rces )\t ! ,unit$    
,/ates4  7vii7 ,any qualifi$            
income-relat$ divid5d includible 9 gross
 income ) respect to /ock ( ano!r       
regulat$ inve/m5t company4  4  7#b7     
,modification ( exceptions ,clause 7i7 (
 section #hga7k77#a77;,b7 is am5d$ by   
/rik+ int]e/ 7o!r ?an int]e/ describ$ 9 
subp>agraph 7,e77i7 or 7iii77 & ins]t+  
int]e/ describ$ 9 subp>agraph 7,e77ii7  
7& n describ$ 9 subp>agraph 7,e7 7i71   
7iii71 or 7iv774  7#c7 ,con=m+ am5dm5ts 

7,a7 ,p>agraph 7#a7 ( section #hga7k7 ( 
su* ,code is am5d$--  7i7 by /rik+      
int]e/-relat$ divid5d ea* place x appe>s
 9 ! text & ins]t+ qualifi$             
income-relat$ divid5d1  7ii7 by /rik+   
qualifi$ net int]e/ income ea* place x  
appe>s 9 ! text & ins]t+ qualifi$ net   
income1  7iii7 by /rik+ qualifi$ int]e/ 
income ea* place x appe>s 9 ! text &    
ins]t+ qualifi$ income1  7iv7 by /rik+  
,int]e/-relat$ divid5ds 9 ! head+ !re( &
 ins]t+ ,qualifi$ income-relat$         
divid5ds1  7v7 by /rik+ ,int]e/ relat$  
divid5d 9 ! head+ ( subp>agraph 7,c7 &  
ins]t+ ,qualifi$ income-relat$ divid5d1 
7vi7 by /rik+ ,qualifi$ net int]e/      
income 9 ! head+ ( subp>agraph 7,d7 &   
ins]t+ ,qualifi$ net income1 &  7vii7 by
 /rik+ ,qualifi$ int]e/ income 9 ! head+
 ( subp>agraph 7,e7 & ins]t+ ,qualifi$  
income4  7,b7 ,p>agraph 7#a7 ( section  
#hha7;e7 ( su* ,code is am5d$--  7i7 by 
/rik+ int]e/-relat$ divid5d ea* place x 
appe>s 9 subp>agraphs 7,a7 & 7,b7 &     
ins]t+ qualifi$ income-relat$ divid5d1  

7ii7 by /rik+ int]e/ receiv$ 9          
subp>agraph 7,b77ii7 & ins]t+ int]e/    
describ$ 9 clause 7ii7 ( section        
#hga7k77#a77;,e7 7& n describ$ 9 clause 
7i71 7iii71 or 7iv7 ( su* section7      
receiv$1  7iii7 by /rik+ int]e/-relat$  
divid5d receiv$ 9 subp>agraph 7,c7 &    
ins]t+ qualifi$ income-relat$ divid5d   
receiv$ f a regulat$ inve/m5t company1  
7iv7 by /rik+ clause 7i7 or 7iii7 9     
subp>agraph 7,c7 & ins]t+ clause 7i71   
7iii71 or 7iv71 &  7v7 by /rik+         
,int]e/-relat$ divid5ds 9 ! head+ !re( &
 ins]t+ ,qualifi$ income-relat$         
divid5ds4  7c7 ,effective date ,!       
am5dm5ts made by ?is section %all apply 
to divid5ds ) respect to taxable ye>s ( 
regulat$ inve/m5t companies beg9n+ aft] 
,decemb] #ca1 #bjac4