,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #hgag  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,octob] #cj1 #bjbj,mr4
 ,smi? ( ,miss\ri 7= himself1 ,mrs4     
,wagn]1 ,mrs4 ,h>tzl]1 ,mr4 ,luetkemey]1
 ,mr4 ,graves ( ,miss\ri1 ,mr4 ,long1   
,mr4 ,johnson ( ,s\? ,dakota1 ,mr4      
,hag$orn1 & ,mr4 ,craw=d7 introduc$ !   
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,ways & ,means  ,a ,,bill 
,to am5d ! ,int]nal ,rev5ue ,code (     
#aihf to provide inc5tives = live/ock   
process+ facilities4  #a4 ,%ort title   
,?is ,act may be cit$ z ! ,fe$ ,am]ica  
by ,inc5tiviz+ ,rural ,meat ,pack+ ,act 
or z ! ,,fair ,meat ,pack+ ,act4  #b4   
,cr$it = live/ock process+ facilities   
7a7 ,9 g5]al ,subp>t ,e ( "p ,,iv (     
sub*apt] ,a ( *apt] #a ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 aft] section #dh;,c ! foll[+ new       
section3  #dh;,d4 ,live/ock process+    
facilities cr$it  7a7 ,9 g5]al ,=       
purposes ( section #df1 ! live/ock      
process+ facilities cr$it = any taxable 

ye> is an am\nt equal to #be p]c5t ( !  
basis ( ea* live/ock process+ facility  
prop]ty plac$ 9 s]vice by ! taxpay] dur+
 su* taxable ye>4  7b7 ,limitation on   
cr$it am\nt ,! cr$it det]m9$ "u         
subsection 7a7 ) respect to any taxpay] 
= any taxable ye> %all n exce$ #bej1jjj4
  7c7 ,exclusion ( c]ta9 l>ge processors
 ,no cr$it %all be all[$ "u subsection  
7a7 to any taxpay] = any taxable ye> if 
! gross receipts 7)9 ! mean+ ( section  
#ddh7;c7 ( ! ,int]nal ,rev5ue ,code (   
#aihf7 ( su* taxpay] = su* taxable ye>  
exce$ #ajj1jjj1jjj4  7d7 ,live/ock      
process+ facility prop]ty ,= purposes ( 
?is section-- 7#a7 ,9 g5]al ,! t]m      
live/ock process+ facility prop]ty means
 prop]ty ) respect to :i* depreciation  
7or amortization 9 lieu ( depreciation7 
is all[able & :i* is "p ( a live/ock    
process+ facility4  7#b7 ,trade or      
bus9ess requirem5t ,! t]m live/ock      
process+ facility prop]ty %all n include
 any prop]ty unless su* prop]ty is us$ 9
 ! taxpay]'s trade or bus9ess ( process+

 live/ock4  7e7 ,o!r def9itions ,=      
purposes ( ?is section-- 7#a7 ,live/ock 
process+ facility ,! t]m live/ock       
process+ facility means a facility :i*  
slaught]s live/ock = process+ into meat 
& meat products1 :i* p>ticipates 9 a    
meat & p\ltry inspection program        
conduct$ by ! ,dep>tm5t ( ,agriculture  
or ! ,/ate 9 :i* su* facility is locat$1
 & at :i* an av]age ( few] ?an #ejj     
employees are employ$ on bus9ess days   
dur+ ! taxable ye>4 ,su* t]m %all       
include any prop]ty us$ = ! intake or   
/orage ( live/ock1 ! disposal or        
managem5t ( live/ock wa/e1 or ! packag+1
 h&l+1 w>eh\s+1 or /orage ( meat        
products1 if su* prop]ty is locat$ on ! 
same site z su* facility4  7#b7         
,live/ock ,! t]m live/ock means cattle1 
%eep1 goats1 bison1 sw9e1 & p\ltry4  7f7
 ,special rules  7#a7 ,c]ta9 progress   
exp5diture rules made applicable ,rules 
simil> to ! rules ( subsections 7c77#d7 
& 7d7 ( section #df 7z 9 effect on ! day
 be=e ! date ( ! enactm5t ( ! ,rev5ue   

,reconciliation ,act ( #aiij7 %all apply
 = purposes ( subsection 7a74  7#b7     
,aggregation rule ,= purposes (         
subsections 7b7 & 7c71 all memb]s ( !   
same controll$ gr\p ( corporations 7)9 !
 mean+ ( section #bfg7;f77 & all p]sons 
"u common control 7)9 ! mean+ ( section 
#eb7;b7 b det]m9$ by treat+ an int]e/ ( 
m ?an #ej p]c5t z a controll+ int]e/7   
%all be treat$ z #a p]son & ! doll>     
limitation "u subsection 7b7 %all be    
allocat$ 9 su* mann] z ! ,secret>y may  
provide4  7#c7 ,election to n h section 
apply ,no cr$it %all be det]m9$ "u      
subsection 7a7 ) respect to any taxpay] 
= any taxable ye> if su* taxpay] make an
 election "u ?is p>agraph 7at su* "t & 9
 su* mann] z ! ,secret>y may provide7 to
 h su* subsection n apply = su* taxable 
ye>4  7g7 ,t]m9ation ,no cr$it %all be  
all[$ "u subsection 7a7 ) respect to any
 taxable ye> beg9n+ aft] ,decemb] #ca1  
#bjbe4  4  7b7 ,con=m+ am5dm5ts  7#a7   
,section #df ( su* ,code is am5d$ by    
/rik+ & at ! end ( p>agraph 7#e71 by    

/rik+ ! p]iod at ! end ( p>agraph 7#f7 &
 ins]t+ 1 &1 & by add+ at ! end ! foll[+
 new p>agraph3  7#g7 ! live/ock process+
 facilities cr$it4  4  7#b7 ,section    
#di7;a77#a77;,c7 ( su* ,code is am5d$ by
 /rik+ & at ! end ( clause 7iv71 by     
/rik+ ! p]iod at ! end ( clause 7v7 &   
ins]t+ a comma1 & by add+ at ! end !    
foll[+ new clause3  7vi7 ! basis ( any  
live/ock process+ facility prop]ty "u   
section #dh;,d4  4  7#c7 ,section       
#ej7;a77#b77;,e7 ( su* ,code is am5d$ by
 /rik+ or #dh;,c7b77#b7 & ins]t+        
#dh;,c7b77#b71 or #dh;,d7d77#a74  7#d7  
,! table ( sections = subp>t ,e ( "p    
,,iv ( sub*apt] ,a ( *apt] #a ( su*     
,code is am5d$ by ins]t+ aft] ! item    
relat+ to section #dh;,c ! foll[+ new   
item3  ,sec4 #dh;,d4 ,live/ock process+ 
facilities cr$it4  4  7c7 ,effective    
date ,! am5dm5ts made by ?is section    
%all apply to p]iods aft] ! date ( !    
enactm5t ( ?is ,act "u rules simil> to !
 rules ( section #dh7m7 ( ! ,int]nal    
,rev5ue ,code ( #aihf 7z 9 effect on !  

day be=e ! date ( ! enactm5t ( ! ,rev5ue
 ,reconciliation ,act ( #aiij74  #c4    
,refundable cr$it = />tup &             
organizational exp5ditures ) respect to 
live/ock process+ facilities  7a7 ,9    
g5]al ,subp>t ,c ( "p ,,iv ( sub*apt] ,a
 ( *apt] #a ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$ by ins]t+ aft] section  
#cf;,b ! foll[+ new section3  #cf;,c4   
,cr$it = />tup & organizational         
exp5ditures ( live/ock process+         
facilities  7a7 ,9 g5]al ,!re %all be   
all[$ z a cr$it aga9/ ! tax impos$ by   
?is subtitle = any taxable ye> an am\nt 
equal to #ij p]c5t ( ! sum (-- 7#a7 !   
qualifi$ live/ock process+ facility     
/>t-up exp5ditures ( ! taxpay] = su*    
taxable ye>1  7#b7 ! qualifi$ live/ock  
process+ facility corporate             
organizational exp5ditures ( ! taxpay] =
 su* taxable ye>1 plus  7#c7 ! qualifi$ 
live/ock process+ facility p>tn]%ip     
organizational exp5ditures ( ! taxpay] =
 su* taxable ye>4  7b7 ,qualifi$        
live/ock process+ facility />t-,up      

exp5ditures ,= purposes ( ?is section1 !
 t]m qualifi$ live/ock process+ facility
 />t-up exp5ditures means1 ) respect to 
any taxpay] = any taxable ye>1 ! am\nt  
:i* w\ld be all[$ z a d$uction "u       
section #aie to su* taxpay] = su*       
taxable ye> ) respect to any trade or   
bus9ess :i* slaught]s live/ock into meat
 or meat products if-- 7#a7 section     
#aie7;b77#a77;,a77ii7 7 appli$-- 7,a7 by
 sub/itut+ #aj1jjj = #e1jjj1 &  7,b7 by 
sub/itut+ #fj1jjj = #ej1jjj1 &  7#b7    
subsection 7f7 ( ?is section did n      
apply4  7c7 ,qualifi$ live/ock process+ 
facility corporate organizational       
exp5ditures ,= purposes ( ?is section1 !
 t]m qualifi$ live/ock process+ facility
 corporate organizational exp5ditures   
means1 ) respect to any taxable ye> (   
any corporation sub/antially all ( !    
gross receipts 7)9 ! mean+ ( section    
#ddh7;c7 ( ! ,int]nal ,rev5ue ,code (   
#aihf7 ( :i* are reasonably expect$ to  
be d]iv$ f a trade or bus9ess :i*       
slaught]s live/ock into meat or meat    

products1 ! am\nt :i* w\ld be all[$ z a 
d$uction "u section #bdh to su*         
corporation = su* taxable ye> if-- 7#a7 
section #bdh7;a77#a77;,b7 7 appli$--    
7,a7 by sub/itut+ #aj1jjj = #e1jjj1 &   
7,b7 by sub/itut+ #fj1jjj = #ej1jjj1    
7#b7 9 ! case ( any entity ) a s+le own]
 t is disreg>d$ z an entity sep>ate f   
its own]1 section #bdh 7 appli$ z if su*
 entity 7 a corporation1 &  7#c7        
subsection 7f7 ( ?is section did n      
apply4  7d7 ,qualifi$ live/ock process+ 
facility p>tn]%ip organizational        
exp5ditures ,= purposes ( ?is section1 !
 t]m qualifi$ live/ock process+ facility
 p>tn]%ip organizational exp5ditures    
means1 ) respect to any taxable ye> (   
any p>tn]%ip sub/antially all ( ! gross 
receipts 7)9 ! mean+ ( section #ddh7;c7 
( ! ,int]nal ,rev5ue ,code ( #aihf7 (   
:i* are reasonably expect$ to be d]iv$ f
 a trade or bus9ess :i* slaught]s       
live/ock into meat or meat products1 !  
am\nt :i* w\ld be all[$ z a d$uction "u 
section #gji ) respect to su* p>tn]%ip =

 su* taxable ye> if-- 7#a7 section      
#gji7;b77#a77;,a77ii7 7 appli$-- 7,a7 by
 sub/itut+ #aj1jjj = #e1jjj1 &  7,b7 by 
sub/itut+ #fj1jjj = #ej1jjj1 &  7#b7    
subsection 7f7 ( ?is section did n      
apply4  7e7 ,live/ock ,= purposes ( ?is 
section1 ! t]m live/ock means cattle1   
elk1 re9de]1 bison1 de]1 %eep1 goats1   
sw9e1 & p\ltry4  7f7 ,d5ial ( d\ble     
b5efit ,any d$uction or cr$it all[$ "u  
?is title 7o!r ?an ?is section7 )       
respect to any qualifi$ live/ock        
process+ facility />t-up exp5ditures1   
qualifi$ live/ock process+ facility     
corporate organizational exp5ditures1 or
 qualifi$ live/ock process+ facility    
p>tn]%ip organizational exp5ditures %all
 be r$uc$ by ! am\nt ( ! cr$it det]m9$  
"u ?is section4  7g7 ,recapture ,if any 
cr$it is all[$ "u ?is section to any    
taxpay] = any taxable ye> ) respect to  
any trade or bus9ess ( process+ live/ock
 7includ+ ) respect to any entity       
sub/antially all ( ! gross receipts (   
:i* are ) respect to ! trade or bus9ess 

( process+ ( live/ock7 & su* trade or   
bus9ess ceases to be conduct$ dur+ !    
#c-taxable-ye> p]iod foll[+ ! taxable 9 
:i* su* cr$it is s all[$1 ! tax impos$  
"u ?is *apt] on su* taxpay] = ! taxable 
ye> 9 :i* su* trade or bus9ess ceases   
%all be increas$ by ! am\nt ( ! cr$it s 
all[$4  7h7 ,t]m9ation ,no cr$it %all be
 all[$ "u subsection 7a7 ) respect to   
any taxable ye> beg9n+ aft] ,decemb]    
#ca1 #bjbe4  4  7b7 ,con=m+ am5dm5ts    
7#a7 ,section #fbaa7;b77#d77;,a7 ( su*  
,code is am5d$ by ins]t+ #cf;,c1 aft]   
#cf;,b14  7#b7 ,p>agraph 7#b7 ( section 
#acbd7;b7 ( title #ca1 ,unit$ ,/ates    
,code1 is am5d$ by ins]t+ #cf;,c1 aft]  
#cf;,b14  7#c7 ,! table ( sections =    
subp>t ,c ( "p ,,iv ( sub*apt] ,a (     
*apt] #a ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by ins]t+ aft] ! item    
relat+ to section #cf;,b ! foll[+ new   
item3  ,sec4 #cf;,c4 ,cr$it = />tup &   
organizational exp5ditures ( live/ock   
process+ facilities4  4  7c7 ,effective 
date ,! am5dm5ts made by ?is section    

%all apply to taxable ye> end+ aft] !   
date ( ! enactm5t ( ?is ,act4