,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #hdae  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,april #ba1 #bjbf,mr4 
,ku/(f 7= himself1 ,mrs4 ,mill] ( ,we/  
,virg9ia1 ,mr4 ,/eube1 ,ms4 ,t5ney1 ,mr4
 ,c>ey1 ,mrs4 ,fis*ba*1 & ,mr4 ,moore ( 
,utah7 introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,ways & ,means
  ,a ,,bill  ,to am5d ! ,int]nal ,rev5ue
 ,code ( #aihf to increase ! d$uction = 
qualifi$ bus9ess income1 & = o!r        
purposes4  #a4 ,%ort title  ,?is ,act   
may be cit$ z ! ,small ,bus9ess ,tax    
,cut ,act4  #b4 ,increase 9 d$uction =  
qualifi$ bus9ess income  7a7 ,9 g5]al   
,subsections 7a77#b71 7b77#a77;,b71 &   
7b77#b77;,a7 ( section #aii;,a ( !      
,int]nal ,rev5ue ,code ( #aihf are ea*  
am5d$ by /rik+ #bj p]c5t & ins]t+ #bc   
p]c5t4  7b7 ,modification ( limitations 
bas$ on taxable income  7#a7 ,9 g5]al   
,section #aii;,a7b77#c7 ( su* ,code is  
am5d$ to read z foll[s3  7#c7           
,modification ( det]m9ation ( comb9$    
qualifi$ bus9ess income am\nt bas$ on   

taxable income  7,a7 ,exception f       
limitations ,9 ! case ( any taxpay] ^:  
taxable income = ! taxable ye> does n   
exce$ ! ?re%old am\nt-- 7i7 p>agraph    
7#b7 %all be appli$ )\t reg>d to        
subp>agraph 7,b71 &  7ii7 a specifi$    
s]vice trade or bus9ess %all n fail to  
be treat$ z a qualifi$ trade or bus9ess 
solely by reason ( subsection           
7d77#a77;,a74  7,b7 ,phase-9 (          
limitations ,9 ! case ( any taxpay] ^:  
taxable income = ! taxable ye> exce$s ! 
?re%old am\nt1 ! sum describ$ 9 p>agraph
 7#a77;,a7 7det]m9$ )\t reg>d to ?is    
subp>agraph7 %all in/ead be an am\nt 7if
 great]7 equal to ! excess 7if any7 (-- 
7i7 ! sum describ$ 9 p>agraph 7#a77;,a7 
7det]m9$ by apply+ ! rules ( clauses 7i7
 & 7ii7 ( subp>agraph 7,a771 ov]  7ii7 !
 limitation phase-9 am\nt4  7,c7        
,limitation phase-9 am\nt ,= purposes ( 
subp>agraph 7,b71 ! limitation phase-9  
am\nt %all be an am\nt equal to #ge     
p]c5t ( ! excess 7if any7 (--  7i7 !    
taxable income ( ! taxpay] = ! taxable  

ye>1 ov]  7ii7 ! ?re%old am\nt4  4  7#b7
 ,con=m+ am5dm5t ,section #aii;,a7d7 (  
su* ,code is am5d$ by /rik+ p>agraph    
7#c74  7c7  ,d$uction = qualifi$ bus9ess
 income ,to apply to c]ta9 int]e/       
divid5ds ( qualifi$ bus9ess developm5t  
companies  7#a7  ,9 g5]al  ,subsections 
7b77#a77;,b7 & 7c77#a7 ( section #aii;,a
 ( su* ,code are ea* am5d$ by ins]t+ 1  
qualifi$ ,,bdc int]e/ divid5ds1 aft]    
qualifi$ ,,reit divid5ds4  7#b7         
,qualifi$ ,,bdc int]e/ divid5d def9$    
,section #aii;,a7e7 ( su* ,code is am5d$
 by add+ at ! end ! foll[+ new p>agraph3
  7#e7  ,qualifi$ ,,bdc int]e/ divid5d  
7,a7  ,9 g5]al  ,! t]m qualifi$ ,,bdc   
int]e/ divid5d means any divid5d f an   
elect+ bus9ess developm5t company       
receiv$ dur+ ! taxable ye> :i* is       
attributable to net int]e/ income ( su* 
company :i* is prop]ly allocable to a   
qualifi$ trade or bus9ess ( su* company4
  7,b7  ,elect+ bus9ess developm5t      
company  ,= purposes ( ?is p>agraph1 !  
t]m elect+ bus9ess developm5t company   

means a bus9ess developm5t company 7z   
def9$ 9 section #b7;a7 ( ! ,inve/m5t    
,company ,act ( #aidj7 :i* has an       
election 9 effect "u section #hea to be 
treat$ z a regulat$ inve/m5t company4  4
  7d7 ,modifi$ inflation adju/m5t       
,section #aii;,a7e77#b77;,b7 ( su* ,code
 is am5d$-- 7#a7 by /rik+ #bjah & ins]t+
 #bjbe1 &  7#b7 9 clause 7ii71 by /rik+ 
1 det]m9$ by sub/itut+ cal5d> ye> #bjag 
= cal5d> ye> #bjaf 9 subp>agraph        
7,a77ii7 !re(4  7e7 ,effective date ,!  
am5dm5ts made by ?is section %all apply 
to taxable ye>s beg9n+ aft] ,decemb]    
#ca1 #bjbf4