,i  #aadth ,,congress  #b;d ,session    
,h4 ,r4 #eeci  ,,in ,,the ,,house ,,of  
,,representatives  ,june #ba1 #bjaf,mr4 
,tiberi 7for himself1 ,mr4 ,danny ,k4   
,davis of ,illinois1 and ,mr4 ,roskam7  
introduced the following bill2 which was
 referred to the ,committee on ,ways and
 ,means  ,a ,,bill  ,to amend the       
,internal ,revenue ,code of #aihf to    
exclude from gross income contributions 
to the capital of a partnership1 and for
 other purposes4  #a4 ,short title ,this
 ,act may be cited as the ,preserving   
,investment in ,needy ,neighborhoods    
,act4  #b4 ,exclusion of contributions  
to capital of partnership  7a7 ,in      
general ,subsection 7a7 of section #aah 
of the ,internal ,revenue ,code of #aihf
 is amended by inserting before the     
period at the end the following3 1 and1 
in the case of a partnership1 gross     
income shall not include contributions  
to the capital of the partnership4  7b7 
,basis of property contributed to       
partnership ,section #gbc of such ,code 

is amended-- 7#a7 by striking ,the basis
 of property and inserting the          
following3  7a7 ,in general ,except as  
provided in subsection 7b71 the basis of
 property  1 and  7#b7 by adding at the 
end the following new subsection3  7b7  
,contributions to capital  7#a7         
,property other than money ,if property 
other than money-- 7,a7 is acquired by a
 partnership as a contribution to       
capital1 and  7,b7 is not contributed by
 a partner as such1  then the basis of  
such property shall be zero4  7#b7      
,money ,if money--  7,a7 is received by 
a partnership as a contribution to      
capital1 and  7,b7 is not contributed by
 a partner as such1  then the basis of  
any property acquired with such money   
during the #ab-month period beginning on
 the day the contribution is received   
shall be reduced by the amount of such  
contribution4 ,the excess 7if any7 of   
the amount of such contribution over the
 amount of the reduction under the      
preceding sentence shall be applied to  

the reduction 7as of the last day of the
 period specified in the preceding      
sentence7 of the basis of any other     
property of the partnership4 ,the       
particular properties to which the      
reductions required by this paragraph   
shall be allocated shall be determined  
under regulations prescribed by the     
,secretary4  4  7c7 ,no increase in     
basis of partner's interest             
,subparagraph 7,b7 of section           
#gje7;a77#a7 of such ,code is amended by
 inserting 7other than amounts excluded 
from gross income under section #aah7   
after exempt from tax under this title4 
7d7 ,conforming amendment ,the heading  
for section #aah of such ,code is       
amended by striking of a corporation and
 inserting of corporations and          
partnerships4  7e7 ,effective date ,the 
amendments made by this section shall   
apply to contributions made after the   
date of the enactment of this ,act4  7f7
 ,no inference ,nothing contained in    
this section or the amendments made by  

this section shall be construed to      
create any inference under the ,internal
 ,revenue ,code of #aihf with respect to
 the treatment of contributions to the  
capital of partnerships made on or      
before the date of the enactment of this
 ,act4