,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #daae  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #bd1 #bjbe,ms4  
,t5ney 7= h]self1 ,mr4 ,tonko1 ,mr4     
,lawl]1 & ,mr4 ,ryan7 introduc$ ! foll[+
 bill2 :i* 0 ref]r$ to ! ,committee on  
,ways & ,means  ,a ,,bill  ,to am5d !   
,int]nal ,rev5ue ,code ( #aihf to       
exclude c]ta9 dis*>ges ( indebt$ness    
secur$ by real prop]ty f income4  #a4   
,%ort title ,?is ,act may be cit$ z !   
,sav+ ,our ,ma9/reet ,am]ican ,locations
 = ,leisure & ,%opp+ ,act ( #bjbe1 or ! 
,sav+ ,our ,,malls ,act4  #b4 ,exclud+  
dis*>ge ( comm]cial or retail           
indebt$ness f income  7a7 ,9 g5]al      
,section #ajh7;a77#a7 ( ! ,int]nal      
,rev5ue ,code ( #aihf is am5d$ by /rik+ 
or at ! end ( subp>agraph 7,d71 by /rik+
 ! p]iod at ! end ( subp>agraph 7,e77ii7
 & ins]t+ 1 or1 & by add+ at ! end !    
foll[+ new subp>agraph3  7,f7 !         
indebt$ness dis*>g$ is qualifi$         
comm]cial or retail indebt$ness4  4  7b7
 ,comm]cial or retail indebt$ness def9$ 

,section #ajh ( su* code is am5d$ by    
add+ at ! end ! foll[+ new subsection3  
7j7 ,comm]cial or retail indebt$ness    
def9$ ,= purposes ( ?is section3 7#a7 ,9
 g5]al ,! t]m qualifi$ comm]cial or     
retail indebt$ness means indebt$ness :i*
 is-- 7,a7 incurr$ or assum$ by !       
taxpay] be=e ,m>* #a1 #bjbc1  7,b7      
dis*>g$ dur+ ! p]iod beg9n+ on ,decemb] 
#ca1 #bjbc1 & end+ on ,janu>y #a1 #bjbh1
 &  7,c7 secur$ directly or indirectly  
by specifi$ real prop]ty ( ! taxpay] at 
all times aft] su* indebt$ness 0 s      
incurr$ or assum$ & be=e su* dis*>ge4   
7#b7 ,specifi$ real prop]ty ,! t]m      
specifi$ real prop]ty means real prop]ty
 :i* is-- 7,a7 us$ 9 a trade or bus9ess 
( ! taxpay]1  7,b7 n describ$ 9 section 
#afh7;b77#c77;,b71 &  7,c7 n describ$ 9 
section #add7;c77#f77;,b74  4  7c7      
,coord9ation ( exclusions  7#a7 ,section
 #ajh7;a77#b77;,a7 ( su* ,code is am5d$ 
by /rik+ & 7,e7 & ins]t+ 7,e71 & 7,f74  
7#b7 ,section #ajh7;a77#b77;,b7 is      
am5d$-- 7,a7 9 ! head]1 by /rik+ &      

qualifi$ real prop]ty bus9ess exclusion 
& ins]t+ 1 qualifi$ real prop]ty bus9ess
 exclusion1 & qualifi$ comm]cial or     
retail indebt$ness1 &  7,b7 by /rik+ &  
7,d7 & ins]t+ 7,d71 & 7,f74  7d7        
,r$uction ( tax attributes ,section     
#ajh7;b77#a7 is am5d$ by /rik+ or 7,c7 &
 ins]t+ 7,c71 or 7,f74  7e7 ,effective  
date ,! am5dm5ts made by ?is section    
apply to dis*>ges ( indebt$ness occurr+ 
on or aft] ,decemb] #ca1 #bjbc4