H.R. 9837
GET THE LEAD OUT Act of 2026
Sponsor: Shontel M. Brown
1 cosponsor
Official summary
No official summary yet.
Text of the bill
I Lead-Based Pipe Hazard Reduction
II Lead Exposure Reduction
III Authorization of Appropriations for Lead Hazard Reduction
IV Revenue Provisions
(a) Modification to election To include partnership interest in gross income in year of transfer. Subsection (c) of section 83 is amended by redesignating paragraph (4) as paragraph (5) and by inserting after paragraph (3) the following new paragraph:
(4) Partnership interests. Except as provided by the Secretary—
(A) In general. In the case of any transfer of an interest in a partnership in connection with the provision of services to (or for the benefit of) such partnership—
(i) the fair market value of such interest shall be treated for purposes of this section as being equal to the amount of the distribution which the partner would receive if the partnership sold (at the time of the transfer) all of its assets at fair market value and distributed the proceeds of such sale (reduced by the liabilities of the partnership) to its partners in liquidation of the partnership, and
(ii) the person receiving such interest shall be treated as having made the election under subsection (b)(1) unless such person makes an election under this paragraph to have such subsection not apply.
(B) Election. The election under subparagraph (A)(ii) shall be made under rules similar to the rules of subsection (b)(2).
(b) Effective date. The amendments made by this section shall apply to interests in partnerships transferred after the date of the enactment of this Act.