,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #dbfi  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,novemb] #g1 #bjag,ms4
 ,sewell ( ,alabama 7= h]self & ,mr4    
,danny ,k4 ,davis ( ,ill9ois7 introduc$ 
! foll[+ bill2 :i* 0 ref]r$ to !        
,committee on ,ways & ,means  ,a ,,bill 
,to am5d ! ,int]nal ,rev5ue ,code (     
#aihf to elim9ate ! s*ool v\*] ,/ate tax
 cr$it loophole by limit+ ! d\ble b5efit
 ( *>itable contributions4  #a4 ,%ort   
title ,?is ,act may be cit$ z ! ,public 
,funds = ,public ,s*ools ,act4  #b4     
,elim9ation ( s*ool v\*] ,/ate tax cr$it
 loophole by limit+ ! d\ble b5efit (    
*>itable contributions  7a7 ,9 g5]al    
,section #agj7;f7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by add+ at ! end 
! foll[+ new p>agraph3  7#ai7           
,limitation on d\ble b5efit 9 ! case (  
,/ate s*ool v\*] tax b5efits  7,a7 ,9   
g5]al ,! am\nt ( any *>itable           
contribution o!rwise tak5 into acc\nt "u
 ?is section %all be r$uc$ by any ,/ate 
s*ool v\*] tax b5efit ) respect to su*  

contribution4  7,b7 ,/ate s*ool v\*] tax
 b5efit ,= purposes ( ?is p>agraph1 !   
t]m ,/ate s*ool v\*] tax b5efit means ! 
aggregate am\nt ( any ,/ate income tax  
cr$its1 & excess ,/ate income tax       
d$uctions1 provid$ to ! taxpay] by a    
,/ate = any contribution to a specifi$  
s*ool v\*] organization4  7,c7 ,excess  
,/ate income tax d$uctions ,= purposes (
 ?is p>agraph1 ! t]m excess ,/ate income
 tax d$uction means ! product (-- 7i7 ! 
highe/ rate ( ,/ate income tax          
applicable to ! taxpay] = ! taxable ye>1
 multipli$ by  7ii7 ! excess 7if any7   
(-- 7,i7 ! ,/ate income tax d$uction    
provid$ to ! taxpay] ) respect to       
contributions by ! taxpay] to specifi$  
s*ool v\*] organizations1 ov]  7,,ii7 ! 
am\nt ( su* contributions4  7,d7        
,specifi$ s*ool v\*] organization ,=    
purposes ( ?is p>agraph1 ! t]m specifi$ 
s*ool v\*] organization means any       
organization ! prim>y purpose ( :i* is !
 provision ( v\*]s1 s*ol>%ips1 or o!r   
funds1 = ! exp5ses ( /ud5ts to att5d    

elem5t>y or second>y s*ools4  7,e7      
,treatm5t ( simil> ,/ate b5efits ,=     
purposes ( ?is p>agraph1 any ,/ate      
b5efit :i* is economically equival5t to 
a tax cr$it 7includ+ any paym5t7 %all be
 treat$ z a ,/ate income tax cr$it =    
purposes ( ?is p>agraph & any ,/ate     
b5efit :i* is economically equival5t to 
a ,/ate income tax d$uction 7includ+ any
 exclusion f gross income7 %all be      
treat$ z a ,/ate income tax d$uction =  
purposes ( ?is p>agraph4  7#bj7 ,special
 rule = contributions ( built-9 ga9     
prop]ty to specifi$ s*ool v\*]          
organizations  7,a7 ,9 g5]al ,9 ! case (
 any contribution by ! taxpay] ( built-9
 ga9 prop]ty to a specifi$ s*ool v\*]   
organization1 su* contribution %all be  
treat$ = purposes ( ?is title z ?\gh su*
 prop]ty 7 sold by ! taxpay] at its fair
 m>ket value imm$iately be=e su*        
contribution & ! am\nt ( su* fair m>ket 
value 7 contribut$ by ! taxpay] z a ca% 
contribution to ! specifi$ s*ool v\*]   
organization4  7,b7 ,def9itions ,=      

purposes ( ?is p>agraph-- 7i7 ,built-9  
ga9 prop]ty ,! t]m built-9 ga9 prop]ty  
means any prop]ty if1 imm$iately be=e ! 
contribution ( su* prop]ty1 ! fair m>ket
 value ( su* prop]ty exce$s ! adju/$    
basis ( su* prop]ty4  7ii7 ,specifi$    
s*ool v\*] organization ,! t]m specifi$ 
s*ool v\*] organization has ! mean+ giv5
 su* t]m 9 p>agraph 7#ai74  4  7b7      
,effective date ,! am5dm5t made by ?is  
section %all apply to *>itable          
contributions made 9 taxable ye>s beg9n+
 aft] ! date ( ! enactm5t ( ?is ,act4