,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #ebea  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #bi1 #bjad ,mr4 
,ow5s introduc$ ! foll[+ bill2 :i* 0    
ref]r$ to ! ,committee on ,ways & ,means
  ,a ,,bill  ,to am5d ! ,int]nal ,rev5ue
 ,code ( #aihf to exempt =eign p5sions f
 dispositions ( inve/m5t 9 ,unit$ ,/ates
 real prop]ty4  #a4 ,%ort title ,?is    
,act may be cit$ z ! ,inc5tiviz+ ,=eign 
,inve/m5t to ,upgrade ,am]ica's         
,infra/ructure ,act ( #bjad4  #b4       
,exemption ( =eign p5sions f            
dispositions ( inve/m5t 9 ,unit$ ,/ates 
real prop]ty  7a7 ,9 g5]al ,section #hig
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by add+ at ! end ! foll[+ new     
subsection3  7k7 ,special rule = =eign  
p5sions  7#a7 ,9 g5]al ,subsection 7a7  
%all n apply 9 ! case ( a qualifi$ =eign
 p5sion fund4  7#b7 ,qualifi$ =eign     
p5sion fund ,= purposes ( ?is           
subsection1 ! t]m qualifi$ =eign p5sion 
fund means any tru/1 corporation1 or o!r
 organization or arrangem5t--  7,a7 :i* 

is creat$ or organiz$ outside ( ! ,unit$
 ,/ates1  7,b7 :i* is e/abli%$ to       
provide retirem5t or p5sion b5efits to  
p>ticipants or b5efici>ies t are curr5t 
or =m] employees 7or p]sons designat$ by
 su* employees7 ( "o or m employ]s 9    
consid]ation = s]vices r5d]$1  7,c7 :i* 
does n h a s+le p>ticipant or b5efici>y 
) a "r to m ?an #e p]c5t ( its assets1  
7,d7 :i* is subject to gov]nm5t         
regulation & provides annual in=mation  
report+ ab\t its b5efici>ies to !       
relevant tax au?orities 9 ! c\ntry 9 :i*
 x is e/abli%$ or op]ates1 &  7,e7 )    
respect to :i*1 "u ! laws ( ! c\ntry 9  
:i* x is e/abli%$ or op]ates--  7i7     
contributions to su* tru/1 corporation1 
organization1 or arrangem5t :i* w\ld    
o!rwise be subject to tax "u su* laws   
are d$uctible or exclud$ f ! gross      
income ( su* entity or tax$ at a r$uc$  
rate1 or  7ii7 taxation ( any inve/m5t  
income ( su* tru/1 corporation1         
organization1 or arrangem5t is def]r$ or
 su* income is tax$ at a r$uc$ rate4    

7#c7 ,regulations ,! ,secret>y may      
prescribe su* regulations z are necess>y
 to c>ry out ! purposes ( ?is           
subsection4  4  7b7 ,)hold+ ,p>agraph   
7#c7 ( section #adde7;f7 ( su* ,code is 
am5d$ by add+ at ! end ! foll[+3 ,su*   
t]m %all n include a qualifi$ =eign     
p5sion fund 7z def9$ 9 section          
#hig7k7744  7c7 ,effective date ,!      
am5dm5ts made by ?is section %all apply 
to dispositions ( ,unit$ ,/ates real    
prop]ty int]e/s m ?an #ij days aft] !   
date ( ! enactm5t ( ?is ,act4