,,ii  #aah? ,,congress  #b;d ,session   
,s4 #edji  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #c1 #bjbd,mr4 
,budd 7= himself & ,mr4 ,ka9e7 introduc$
 ! foll[+ bill2 :i* 0 read twice &      
ref]r$ to ! ,committee on ,f9ance  ,a   
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf to exclude f gross income 
ga9 f ! sale ( qualifi$ real prop]ty    
int]e/s acquir$ "u ! au?ority ( !       
,read9ess & ,environm5tal ,protection   
,integration 7,,repi7 program adm9i/]$  
by ! ,dep>tm5t ( ,def5se pursuant to    
section #bfhd;a ( title #aj1 ,unit$     
,/ates ,code1 & = o!r purposes4  #a4    
,%ort title ,?is ,act may be cit$ z !   
,inc5tiviz+ ,read9ess & ,environm5tal   
,protection ,integration ,sales ,act (  
#bjbd4  #b4 ,exclusion ( ga9 f sale (   
qualifi$ real prop]ty int]e/s acquir$ = 
purposes relat$ to ! read9ess &         
environm5tal protection integration     
program  7a7 ,9 g5]al ,"p ,,iii (       
sub*apt] ,b ( *apt] #a ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by ins]t+

 aft] section #aci;,i ! foll[+ new      
section3  #aci;,j4 ,ga9 f sale (        
qualifi$ real prop]ty int]e/ = purposes 
relat$ to ! read9ess & environm5tal     
protection integration program  7a7 ,9  
g5]al ,gross income %all n include any  
ga9 f ! sale ( qualifi$ real prop]ty    
int]e/ to a qualifi$ organization =     
,,repi purposes4  7b7 ,def9itions ,=    
purposes ( ?is section-- 7#a7 ,qualifi$ 
real prop]ty int]e/  7,a7 ,9 g5]al ,!   
t]m qualifi$ real prop]ty int]e/ means  
any ( ! foll[+ int]e/s 9 real prop]ty3  
7i7 ,! entire int]e/ ( ! taxpay]4  7ii7 
,a rema9d] int]e/4  7iii7 ,a re/riction 
7grant$ 9 p]petuity & creat$ pursuant to
 ,/ate real prop]ty law7 on ! use :i*   
may be made ( ! real prop]ty4  7,b7     
,special rule = m9]al int]e/s ,an int]e/
 9 real prop]ty %all n fail to be treat$
 z a qualifi$ real prop]ty int]e/ solely
 by reason ( a ret5tion ( a qualifi$    
m9]al int]e/ 7z def9$ 9 section         
#agj7;h77#f771 b only if ! "r to access 
su* m9]al int]e/ is n accompli%$ by any 

surface m9+ me?od4  7#b7 ,qualifi$      
organization ,! t]m qualifi$            
organization has ! mean+ giv5 su* t]m by
 section #agj7;h77#c74  7#c7 ,,repi     
purposes ,a sale ( qualifi$ real prop]ty
 int]e/ %all be treat$ z be+ = ,,repi   
purposes if su* sale is pursuant to !   
au?ority ( ! ,read9ess & ,environm5tal  
,protection ,integration 7,,repi7       
program adm9i/]$ by ! ,dep>tm5t (       
,def5se "u section #bfhd;a ( title #aj1 
,unit$ ,/ates ,code4  7c7 ,limitation   
7#a7 ,9 g5]al ,9 ! case ( a pass-?r\gh  
entity1 no am\nt %all be exclud$ f gross
 income "u subsection 7a7 ) respect to a
 sale if su* entity acquir$ ! qualifi$  
real prop]ty int]e/ by sale )9 #c ye>s (
 ! date ( ! sale describ$ 9 subsection  
7a74  7#b7 ,exception = family p>tn]%ips
 or family pass-?r\gh entities  7,a7 ,9 
g5]al ,p>agraph 7#a7 %all n apply )     
respect to any sale made by any p>tn]%ip
 if sub/antially all ( ! p>tn]%ip       
int]e/s 9 su* p>tn]%ip are held1        
directly or indirectly1 by an individual

 & memb]s ( ! family ( su* individual4  
7,b7 ,memb]s ( ! family ,= purposes (   
?is p>agraph1 ! t]m memb]s ( ! family   
means1 ) respect to any individual-- 7i7
 ! sp\se ( su* individual1 &  7ii7 any  
individual :o be>s a relation%ip to su* 
individual :i* is describ$ 9            
subp>agraphs 7,a7 ?r\gh 7,g7 ( section  
#aeb7;d77#b74  7,c7 ,application to o!r 
pass-?r\gh entities ,except z may be    
o!rwise provid$ by ! ,secret>y1 ! rules 
( ?is p>agraph %all apply to ,s         
corporations & o!r pass-?r\gh entities 9
 ! same mann] z su* rules apply to      
p>tn]%ips4  4  7b7 ,cl]ical am5dm5t ,!  
table ( sections = "p ,,iii ( sub*apt]  
,b ( *apt] #a ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by ins]t+ aft] ! item 
relat+ to section #aci;,i ! foll[+ new  
item3  ,sec4 #aci;,j4 ,ga9 f sale (     
qualifi$ real prop]ty int]e/ = purposes 
relat$ to ! read9ess & environm5tal     
protection integration program4  4  7c7 
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      

beg9n+ aft] ! date ( ! enactm5t ( ?is   
,act4