,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #cbdi  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #g1 #bjbe,ms4    
,moore ( ,wiscons9 7= h]self1 ,mr4      
,davis ( ,ill9ois1 ,ms4 ,*u1 ,ms4       
,velzquez1 ,ms4 ,mc,collum1 & ,mr4      
,latim]7 introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,ways & ,means
  ,a ,,bill  ,to am5d ! ,int]nal ,rev5ue
 ,code ( #aihf to modify ! qualifi$     
bus9ess income d$uction4  #a4 ,%ort     
title  ,?is ,act may be cit$ z ! ,mom & 
,pop ,tax ,relief ,act4  #b4            
,modification ( #aii;,a d$uction  7a7   
,d$uction all[$ = fir/ #be1jjj (        
qualifi$ bus9ess income  7#a7 ,9 g5]al  
,section #aii;,a7b77#a7 ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ to read z
 foll[s3  7#a7 ,9 g5]al ,! t]m comb9$   
qualifi$ bus9ess income am\nt means1 )  
respect to any taxable ye>1 an am\nt    
equal to ! less] (--  7,a7 ! sum ( !    
taxpay]'s qualifi$ bus9ess income = ea* 
qualifi$ trade or bus9ess c>ri$ on by ! 
taxpay]1 or  7,b7 #be1jjj4  4  7#b7     

,con=m+ am5dm5ts  7,a7 ,section         
#aii;,a7a77#b7 ( su* ,code is am5d$ by  
/rik+ #bj p]c5t (4  7,b7 ,section       
#aii;,a7b7 ( su* ,code is am5d$ by /rik+
 p>agraph 7#b74  7b7 ,consolidat$       
taxpay] level adju/$ gross income       
limitation ,section #aii;,a7b7 ( su*    
,code1 z am5d$ by subsection 7a71 is    
am5d$-- 7#a7 by /rik+ p>agraph 7#c71 &  
7#b7 by ins]t+ aft] p>agraph 7#a7 !     
foll[+ new p>agraph3  7#b7 ,adju/$ gross
 income limitation ,! comb9$ qualifi$   
bus9ess income ( ! taxpay] = ! taxable  
ye> %all be r$uc$ 7b n bel[ z]o7 by s   
mu* ( ! am\nt by :i* ! adju/$ gross     
income ( ! taxpay] exce$s #bjj1jjj      
7#djj1jjj 9 ! case ( a jo9t return74  4 
7c7 ,simplification ) respect to loss   
c>ryov] ,section #aii7;c7 ( su* ,code is
 am5d$ by /rik+ p>agraph 7#b74  7d7 ,o!r
 con=m+ am5dm5ts  7#a7 7,a7 ,section    
#aii;,a7b7 ( su* ,code is am5d$ by /rik+
 p>agraph 7#d74  7,b7 ,section          
#aii;,a7g77#a77;,b77ii7 ( su* ,code is  
am5d$ to read z foll[s3  7ii7 ,w-#b     

wages ,= purposes ( ?is subp>agraph--   
7,i7 ,9 g5]al ,! t]m ,w-#b wages means1 
) respect to any p]son = any taxable ye>
 ( su* p]son1 ! am\nts describ$ 9       
p>agraphs 7#c7 & 7#h7 ( section         
#fjea7;a7 paid by su* p]son ) respect to
 employm5t ( employees by su* p]son dur+
 ! cal5d> ye> end+ dur+ su* taxable ye>4
  7,,ii7 ,mu/ be prop]ly allocable to   
dome/ic production gross receipts ,!    
,w-#b wages ( ! taxpay] %all n include  
any am\nt :i* is n prop]ly allocable to 
dome/ic production gross receipts =     
purposes ( p>agraph 7#c77;,a74  7,,iii7 
,return ,requirem5t ,su* t]m %all n     
include any am\nt :i* is n prop]ly      
includ$ 9 a return fil$ ) ! ,social     
,security ,adm9i/ration on or be=e !    
#fj? day aft] ! due date 7includ+       
ext5sions7 = su* return4  4  7,c7       
,section #aii;,a7f77#a7 ( su* ,code is  
am5d$--  7i7 by ins]t+ & at ! end (     
subp>agraph 7,a77i71  7ii7 by /rik+ 1 & 
at ! end ( subp>agraph 7,a77ii71  7iii7 
by /rik+ clause 7iii71  7iv7 by /rik+ ,=

 purposes ( clause 7iii7 & all t foll[s 
?r\gh ,= purposes ( ?is subp>agraph &   
ins]t+ ,= purposes ( ?is subp>agraph1 & 
7v7 by /rik+ subp>agraph 7,b7 &         
r$esignat+ subp>agraph 7,c7 z           
subp>agraph 7,b74  7#b7 7,a7 ,section   
#aii;,a7b7 ( su* ,code is am5d$ by /rik+
 p>agraph 7#e74  7,b7 ,section          
#aii;,a7g77#e7 ( su* ,code is am5d$ by  
add+ at ! end ! foll[+ new subp>agraph3 
7,f7 ,acquisitions1 ,dispositions1 &    
,%ort ,taxable ,ye>s ,! ,secret>y %all  
provide = ! application ( ?is subsection
 9 cases ( a %ort taxable ye> or :]e !  
taxpay] acquires1 or disposes (1 ! major
 portion ( a trade or bus9ess or ! major
 portion ( a sep>ate unit ( a trade or  
bus9ess dur+ ! taxable ye>4  4  7#c7    
,section #aii;,a7b7 ( su* ,code is am5d$
 by /rik+ p>agraph 7#f74  7#d7 7,a7     
,section #aii;,a7b7 ( su* ,code is am5d$
 by r$esignat+ p>agraph 7#g7 z p>agraph 
7#c74  7,b7 ,section #aii;,a7b77#c7 (   
su* ,code 7z s r$esignat$7 is am5d$ by  
/rik+ "u p>agraph 7#b7 & ins]t+ "u      

p>agraph 7#a77;,a74  7#e7 ,section      
#aii;,a7d7 ( su* ,code is am5d$ to read 
z foll[s3  7d7 ,qualifi$ trade or       
bus9ess ,= purposes ( ?is section1 ! t]m
 qualifi$ trade or bus9ess means any    
trade or bus9ess o!r ?an ! trade or     
bus9ess ( p]=m+ s]vices z an employee4  
4  7#f7 ,section #aii;,a7e7 ( su* ,code 
is am5d$ to read z foll[s3  7e7 ,taxable
 income def9$ ,= purposes ( ?is section1
 except z o!rwise provid$ 9 subsection  
7g77#b77;,b71 taxable income %all be    
comput$ )\t reg>d to any d$uction       
all[able "u ?is section4  4  7e7        
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ,decemb] #ca1 #bjbe4