,,ii #aad? ,,congress #b;d ,session ,s4 #cced ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,septemb] #bj1 #bjaf,mr4 ,kirk 7= himself & ,mr4 ,man*97 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to exclude income attributable to c]ta9 real prop]ty f gross income4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,br++ ,bus9ess ,back ,act ( #bjaf4 #b4 ,exclusion = income attributable to c]ta9 real prop]ty 7a7 ,9 g5]al ,"p ,,iii ( sub*apt] ,b ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] section #aci;,f ! foll[+ new section3 #aci;,g4 ,income attributable to qualifi$ real prop]ty exclud$ f gross income 7a7 ,9 g5]al ,gross income %all n include income or ga9 attributable to qualifi$ real prop]ty = any taxable ye> beg9n+ dur+ ! exclusion p]iod4 7b7 ,qualifi$ real prop]ty ,= purposes ( ?is section-- 7#a7 ,9 g5]al 7,a7 ,def9ition ,! t]m qualifi$ real prop]ty means any real prop]ty-- 7i7 :i* is c]tifi$ by ! ,/ate or local zon+ au?ority1 & any economic developm5t bo>d1 ) respect to su* prop]ty z meet+ ! requirem5ts ( subp>agraph 7,b71 & 7ii7 ) respect to :i* an election has be5 made 7at su* "t & 9 su* =m & mann] z ! ,secret>y %all by regulation prescribe7 to h ?is section apply4 7,b7 ,requirem5ts ,prop]ty meets ! requirem5ts ( ?is subp>agraph if su* prop]ty-- 7i7 is zon$ = comm]cial use1 7ii7 has be5 undevelop$ & vacant dur+ ! #b-ye> p]iod end+ on ! date ( c]tification1 & 7iii7 is locat$ )9 a qualifi$ c5sus tract4 7#b7 ,qualifi$ c5sus tract ,! t]m qualifi$ c5sus tract means-- 7,a7 any c5sus tract-- 7i7 :i*-- 7,i7 has an av]age pov]ty rate exce$+ ! national av]age pov]ty rate1 or 7,,ii7 has an unemploym5t rate above ! national unemploym5t rate1 & 7ii7 exhibits ano!r condition ( di/ress1 su* z det]iorat+ infra/ructure or population decl9e1 or 7,b7 any qualifi$ rural c5sus tract4 7#c7 ,qualifi$ rural c5sus tract ,! t]m qualifi$ rural c5sus tract means any c5sus tract-- 7,a7 :i* is locat$ 9 a rural community1 7,b7 :i* has an unemploym5t rate ( n less ?an #f p]c5t1 & 7,c7 9 :i* n less ?an #ej p]c5t ( ! h\ses 7 con/ruct$ be=e #aihj4 7#d7 ,rules relat+ to pov]ty & unemploym5t rates ,= purposes ( p>agraphs 7#b7 & 7#c71 pov]ty rates %all be det]m9$ by us+ #bjaj c5sus data1 & unemploym5t rates %all be det]m9$ by ref]5ce to ! rate ( unemploym5t ann\nc$ by ! ,bureau ( ,labor ,/ati/ics ( ! ,dep>tm5t ( ,labor = ! mon?s 9 ! two mo/ rec5tly end$ cal5d> qu>t]s4 7#e7 ,economic developm5t bo>d ,! t]m economic developm5t bo>d means1 ) respect to any prop]ty1 any entity e/abli%$ by law to ov]see ! economic developm5t ( an area )9 :i* su* prop]ty is locat$4 7c7 ,exclusion p]iod ,! t]m exclusion p]iod means1 ) respect to a taxable ye>1 ! #a-taxable-ye> p]iod beg9n+ ) ! fir/ taxable ye> beg9n+ aft] ! date ( ! enactm5t ( ?is section = :i* ! income attributable to ! qualifi$ real prop]ty exce$s ! pre-depreciation exp5ses attributable to su* real prop]ty4 7d7 ,special rules ,= purposes ( ?is section-- 7#a7 ,subsequ5t taxpay]s ,subsection 7a7 %all only apply to a taxpay] :o has an own]%ip int]e/ 9 ! qualifi$ real prop]ty on ! fir/ day ( ! exclusion p]iod ) respect to su* prop]ty4 7#b7 ,limitation on application ( section ,an election to h ?is section apply may only be made once ) respect to any prop]ty4 7#c7 ,tax-exempt use prop]ty ,?is section %all n apply to any prop]ty :i* is tax-exempt use prop]ty 7z def9$ 9 section #afh7;h774 7e7 ,regulations ,! ,secret>y may prescribe su* regulations z may be necess>y or appropriate to c>ry out ! purposes ( ?is section1 includ+ me?ods = allocat+ income & exp5ses to prop]ty & rules to prev5t abuse ( ?is section4 4 7b7 ,cl]ical am5dm5t ,! table ( p>ts = "p ,,iii ( sub*apt] ,b ( *apt] #a ( su* ,code is am5d$ by ins]t+ aft] ! item relat+ to section #aci;,f ! foll[+ new item3 ,sec4 #aci;,g4 ,income attributable to qualifi$ real prop]ty exclud$ f gross income4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4