,i  #aaith ,,congress  #b;d ,session    
,h4 ,r4 #ihda  ,,in ,,the ,,house ,,of  
,,representatives  ,july #bb1 #bjbf,mr4 
,carey introduced the following bill2   
which was referred to the ,committee on 
,ways and ,means  ,a ,,bill  ,to amend  
the ,internal ,revenue ,code of #aihf to
 modernize rules related to publicly    
traded partnerships1 and for other      
purposes4  #a4 ,short title  ,this ,act 
may be cited as the ,advancing ,capital 
for ,critical ,energy ,supply and       
,security ,act or the ,,access ,act4    
#b4 ,modernization of rules related to  
publicly traded partnerships  7a7       
,exclusion of certain publicly traded   
classes of units from unrelated business
 taxable income ,section #eab7;b7 of the
 ,internal ,revenue ,code of #aihf is   
amended by adding at the end the        
following new paragraph3  7#bj7         
,treatment of publicly traded classes of
 units of publicly traded partnerships  
,there shall be excluded any income1    
gain1 deduction1 loss1 or credit        

attributable to publicly traded classes 
of units of a publicly traded           
partnership 7as defined in section      
#ggjd7;b77 which is not treated as a    
corporation under section #ggjd7;c71    
provided that the beneficial owner of   
such publicly traded classes of units   
owns 7or is considered as owning within 
the meaning of section #cah7 less than  
#e percent of the capital or profits of 
such publicly traded partnership4  4    
7b7 ,modification of #be percent asset  
test for regulated investment companies 
,section #hea7;b77#c77;,b7 of such ,code
 is amended-- 7#a7 in clause 7i71 by    
adding or at the end1  7#b7 in clause   
7ii71 by striking 1 or at the end and   
inserting a period1 and  7#c7 by        
striking clause 7iii74  7c7 ,elimination
 of separate application of passive     
activity rules in case of publicly      
traded partnerships ,section #dfi of    
such ,code is amended by striking       
subsection 7k7 and by redesignating     
subsection 7l7 as subsection 7k74  7d7  

,certain interests in publicly traded   
partnerships not treated as effectively 
connected income  7#a7 ,in general      
,section #hfd7;c77#h7 of such ,code is  
amended by redesignating subparagraphs  
7,c7 through 7,e7 as subparagraphs 7,d7 
through 7,f71 respectively1 and by      
inserting after subparagraph 7,b7 the   
following new subparagraph3  7,c7       
,exception for certain interests in     
publicly traded partnerships            
,subparagraph 7,a7 shall not apply in   
the case of a partner's sale or exchange
 of a class of partnership interest     
which is regularly traded on an         
established securities exchange1 but    
only if at all times during the #e-year 
period ending on the date of such sale  
or exchange1 the partner held not more  
than #aj percent of such class4  4  7#b7
 ,withholding requirements ,section     
#addf7;f77#a7 of such ,code is amended  
by inserting 1 other than a class of    
partnership interest which is regularly 
traded on an established securities     

exchange1 after interest in a           
partnership4  7e7 ,effective date ,the  
amendments made by this section shall   
apply to taxable years beginning after  
,december #ca1 #bjbf4