,i  #aad? ,,congress  #a/ ,session  ,h4 
,r4 #cicc  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,novemb] #e1 #bjae    
,mr4 ,conaway introduc$ ! foll[+ bill2  
:i* 0 ref]r$ to ! ,committee on ,ways & 
,means  ,a ,,bill  ,to am5d ! ,int]nal  
,rev5ue ,code ( #aihf to make p]man5t ! 
exp5s+ limitations & treatm5t ( c]ta9   
real prop]ty z section #agi prop]ty1 & =
 o!r purposes4  #a4 ,%ort title ,?is    
,act may be cit$ z ! #agi ,act4  #b4    
,ext5sion ( increas$ exp5s+ limitations 
& treatm5t ( c]ta9 real prop]ty z       
section #agi prop]ty  7a7 ,9 g5]al  7#a7
 ,doll> limitation ,section #agi7;b77#a7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ to read z foll[s3  7#a7 ,doll>    
limitation ,! aggregate co/ :i* may be  
tak5 into acc\nt "u subsection 7a7 = any
 taxable ye> %all n exce$ #ejj1jjj4  4  
7#b7 ,r$uction 9 limitation ,section    
#agi7;b77#b7 ( su* ,code is am5d$ to    
read z foll[s3  7#b7 ,r$uction 9        
limitation ,! limitation "u p>agraph    
7#a7 = any taxable ye> %all be r$uc$ 7b 

n bel[ z]o7 by ! am\nt by :i* ! co/ (   
section #agi prop]ty plac$ 9 s]vice dur+
 su* taxable ye> exce$s #b1jjj1jjj4  4  
7b7 ,comput] s(tw>e ,section            
#agi7;d77#a77;,a77ii7 ( su* ,code is    
am5d$ by /rik+ & be=e #bjae4  7c7       
,election ,section #agi7;c77#b7 ( su*   
,code is am5d$ by /rik+ & be=e #bjae4   
7d7 ,special rules = treatm5t ( qualifi$
 real prop]ty  7#a7 ,9 g5]al ,section   
#agi7;f77#a7 ( su* ,code is am5d$ by    
/rik+ & be=e #bjae4  7#b7 ,c>ryov]      
limitation ,section #agi7;f77#d7 ( su*  
,code is am5d$ to read z foll[s3  7#d7  
,c>ryov] limitation ,= purposes ( apply+
 ?is p>agraph & subsection 7b77#c77;,b7 
to any taxable ye>1 ! am\nt :i* is      
disall[$ "u subsection 7b77#c77;,a7 =   
su* taxable ye> :i* is attribut$ to     
qualifi$ real prop]ty %all be ! am\nt   
:i* be>s ! same ratio to ! total am\nt s
 disall[$ z--  7,a7 ! aggregate am\nt   
attributable to qualifi$ real prop]ty   
plac$ 9 s]vice dur+ su* taxable ye>1    
increas$ by ! portion ( any am\nt c>ri$ 

ov] to su* taxable ye> f a prior taxable
 ye> :i* is attributable to su* prop]ty1
 be>s to  7,b7 ! total am\nt ( section  
#agi prop]ty plac$ 9 s]vice dur+ su*    
taxable ye>1 increas$ by ! aggregate    
am\nt c>ri$ ov] to su* taxable ye> f any
 prior taxable ye>4  ,= purposes ( !    
prec$+ s5t5ce1 only section #agi prop]ty
 ) respect to :i* an election 0 made "u 
subsection 7c77#a7 %all be tak5 into    
acc\nt4  4  7e7 ,"t :5 prop]ty treat$ z 
plac$ 9 s]vice = #bjaf ,section #agi7;d7
 ( su* ,code is am5d$ by add+ at ! end !
 foll[+3  7#aa7 ,"t :5 prop]ty treat$ z 
plac$ 9 s]vice ,= purposes ( ?is        
section1 section #agi prop]ty plac$ 9   
s]vice dur+ ! fir/ qu>t] ( ! fir/       
taxable ye> beg9n+ 9 #bjaf by a taxpay] 
%all be treat$ z hav+ plac$ su* prop]ty 
9 s]vice on ! la/ day ( ! prec$+ taxable
 ye> if ! taxpay] elects su* treatm5t ) 
respect to su* prec$+ taxable ye> 9     
accordance ) subsection 7c74  4  7f7    
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      

beg9n+ aft] ,decemb] #ca1 #bjad4