,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #cdgh  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #be1 #bjai,mr4  
,neguse introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,ways & ,means
  ,a ,,bill  ,to am5d ! ,int]nal ,rev5ue
 ,code ( #aihf to modify ! l[-income    
h\s+ cr$it basis limitation rules 9 !   
case ! acquisition ( an exi/+ build+4   
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,af=dable ,h\s+ ,opportunities =      
,utilization1 ,su/a9m5t1 & ,expansion   
,act ( #bjai or ! ,af=dable ,,h\se ,act4
  #b4 ,modification ( previ\s own]%ip   
rules2 limitation on acquisition basis  
7a7 ,limitation on acquisition basis    
7#a7 ,9 g5]al ,section                  
#db7;d77#b77;,b77ii7 ( ! ,int]nal       
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 1 or ! taxpay] elects ! application (  
subp>agraph 7,c77ii7 aft] s]vice4  7#b7 
,limitation ,section #db7;d77#b77;,c7 ( 
su* ,code is am5d$-- 7,a7 by /rik+ =    
purposes ( subp>agraph 7,a71 ! adju/$   
basis & ins]t+ ! foll[+3  ,= purposes ( 

subp>agraph 7,a7-- 7i7 ,9 g5]al ,!      
adju/$ basis  1 &  7,b7 by add+ at ! end
 ! foll[+ new clauses3  7ii7 ,build+s 9 
s]vice )9 previ\s #aj ye>s ,if ! p]iod  
betwe5 ! date ( acquisition ( ! build+  
by ! taxpay] & ! date ! build+ 0 la/    
plac$ 9 s]vice is less ?an #aj ye>s1 !  
taxpay]'s basis attributable to !       
acquisition ( ! build+ :i* is tak5 into 
acc\nt 9 det]m9+ ! adju/$ basis %all n  
exce$ ! sum (--  7,i7 ! l[e/ am\nt paid 
= acquisition ( ! build+ by any p]son   
dur+ ! #aj ye>s prec$+ ! date ( !       
acquisition ( ! build+ by ! taxpay]1    
adju/$ z provid$ 9 clause 7iii71 &      
7,,ii7 ! value ( any capital improvem5ts
 made by ! p]son :o sells ! build+ to ! 
taxpay] :i* are reflect$ 9 su* sell]'s  
basis4  7iii7 ,adju/m5t ,) respect to a 
basis det]m9ation made 9 any taxable    
ye>1 ! am\nt describ$ 9 clause 7ii77,i7 
%all be increas$ by an am\nt equal to-- 
7,i7 su* am\nt1 multipli$ by  7,,ii7 a  
co/-(-liv+ adju/m5t1 det]m9$ 9 ! same   
mann] z "u section #a7;f77#c7 = ! cal5d>

 ye> 9 :i* ! taxable ye> beg9s by tak+  
into acc\nt ! acquisition ye> 9 lieu (  
cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 
!re(4  ,= purposes ( ! prec$+ s5t5ce1 ! 
acquisition ye> is ! cal5d> ye> 9 :i* ! 
l[e/ am\nt ref]5c$ 9 clause 7ii77,i7 0  
paid = ! acquisition ( ! build+4  4     
7#c7 ,con=m+ am5dm5ts ,section          
#db7;d77#b77;,d77i7 ( su* ,code is      
am5d$-- 7,a7 by /rik+ = subp>agraph 7,b7
 9 ! head+1 &  7,b7 by /rik+ subp>agraph
 7,b7 9 ! matt] prec$+ subclause 7,i7 & 
ins]t+ subp>agraph 7,b77ii7 or 7,c77ii74
  7b7 ,modification ( plac$ 9 s]vice    
rule ,section #db7;d77#b77;,b77iii7 (   
su* ,code is am5d$ to read z foll[s3    
7iii7 ! build+ 0 n own$ by ! taxpay] or 
by any p]son relat$ 7z ( ! date (       
acquisition by ! taxpay]7 to ! taxpay]  
at any "t dur+ ! #e-ye> p]iod end+ on ! 
date ( acquisition by ! taxpay]1 &  4   
7c7 ,effective date ,! am5dm5ts made by 
?is section %all apply to build+s plac$ 
9 s]vice aft] ,decemb] #ca1 #bjah4