,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #djde  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,octob] #ab1 #bjag,mr4
 ,b>r 7= himself & ,mr4 ,tib]i7         
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ways & ,means  ,a     
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf = %>ehold] own]%ip &      
passive income rules ( ! p]sonal hold+  
company tax provisions4  #a4 ,%ort title
 ,?is ,act may be cit$ z ! ,remov+      
,on]\s ,ob/acles 9 ! ,tax code =        
,ma9/reet ,bus9esses ,act or z ! ,,root 
= ,ma9/reet ,bus9esses ,act4  #b4       
,royalties & r5ts d]iv$ 9 ! active      
conduct ( a trade or bus9ess  7a7       
,exception f def9ition ( p]sonal hold+  
company ,p>agraph 7c7 ( section #edb ( !
 ,int]nal ,rev5ue ,code ( #aihf is am5d$
 by /rik+ & at ! end ( subp>agraph 7#g71
 by /rik+ ! p]iod at ! end ( subp>agraph
 7#h7 & ins]t+ 2 &1 & by add+ at ! end !
 foll[+ new p>agraph3  7#i7 a           
corporation ) great] ?an #ej p]c5t /ock 
own]%ip 7z det]m9$ 9 section #edb7;a77  

held by nonresid5t ali5 individuals ) no
 effectively connect$ income "u section 
#hga or #hgg4  4  7b7 ,modifications    
relat$ to def9ition ( p]sonal hold+     
company income  7#a7 ,p>agraph 7#a7 (   
section #edc7;a7 ( ! ,code is am5d$ by  
/rik+ & at ! end ( p>agraph 7,d71 by    
/rik+ ! p]iod at ! end ( p>agraph 7,e7 &
 ins]t+ 1 &1 & by add+ at ! end ! foll[+
 new subp>agraph3  7,f7 ,royalties &    
r5ts d]iv$ 9 ! active conduct ( a trade 
or bus9ess & :i* are receiv$ f a p]son  
o!r ?an a relat$ p]son 7)9 ! mean+ (    
section #ied7;d77#c774  4  7#b7         
,p>agraph 7#d7 ( section #edc7;a7 ( su* 
,code is am5d$ by ins]t+ 1 :i* d n      
qualify = ! active conduct ( a trade or 
bus9ess exception 9 subsection          
7a77#a77;,f7 aft] ,copyright royalties 9
 ! matt] prec$+ subp>agraph 7,a74  7#c7 
,p>agraph 7,a7 ( section #edc7;a77#e7 ( 
su* ,code is am5d$ by ins]t+ 1 :i* d n  
qualify = ! active conduct ( a trade or 
bus9ess exception 9 subsection          
7a77#a77;,f7 aft] ,produc$ film r5t4    

7#d7 ,p>agraph 7#c7 ( section #edc7;b7 (
 su* ,code is am5d$ by ins]t+ 7b does n 
include r5ts d]iv$ f ! active conduct ( 
a trade or bus9ess z provid$ 9          
subsection 7a77#a77;,f77 aft] means !   
gross income f r5ts 9 ! matt] prec$+    
subp>agraph 7,a74  7c7 ,effective date  
,! am5dm5ts made by ?is section %all    
apply to taxable ye>s end+ on or aft] ! 
date ( ! enactm5t ( ?is ,act4