A bill to amend the Internal Revenue Code of 1986 to provide that the passive loss limitations will not apply to deductions and credits attributable to rental real estate activities of a taxpayer who is primarily engaged in real estate trade or business actvities.

[AI summary unavailable — showing source text] Amends Internal Revenue Code accounting provisions to revise the definition of "passive activity" to exclude the rental real estate activity of any individual: (1) whose work time is at least 50 percent devoted to real estate trade or business activities; and (2) whose average earned income for the three preceding taxable years is at least 50 percent attributable to such activities.…