I 
112TH CONGRESS 
2D SESSION 
H. R. 4001 
To amend the Internal Revenue Code of 1986 to allow partnerships invested 
in infrastructure property to be treated as publicly traded partnerships, 
to reduce the depreciation recovery periods for such property, and for 
other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 9, 2012 
Mr. CAMPBELL introduced the following bill; which was referred to the 
Committee on Ways and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to allow part-
nerships invested in infrastructure property to be treated 
as publicly traded partnerships, to reduce the deprecia-
tion recovery periods for such property, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. INCENTIVES FOR INFRASTRUCTURE INVEST-
MENTS. 
(a) INFRASTRUCTURE INCOME TO BE QUALIFYING 
INCOME
FOR PURPOSES
OF DETERMINING PUBLICLY 
TRADED PARTNERSHIP STATUS.— 
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(1) IN
GENERAL.—Paragraph (1) of section 
7704(d) of the Internal Revenue Code of 1986 (de-
fining qualifying income) is amended by redesig-
nating subparagraphs (F) and (G) as subparagraphs 
(G) and (H), respectively, and by inserting after 
subparagraph (E) the following new subparagraph: 
‘‘(F) income and gains from the use, sale, 
or exchange of infrastructure property,’’. 
(2) INFRASTRUCTURE
PROPERTY.—Subsection 
(d) of section 7704 of such Code is amended by add-
ing at the end the following new paragraph: 
‘‘(6) INFRASTRUCTURE PROPERTY.—The term 
‘infrastructure property’ means property which is 
part of any of the following: 
‘‘(A) Roads and related improvements. 
‘‘(B) Train tracks and related improve-
ments. 
‘‘(C) Airports. 
‘‘(D) Docks and wharves. 
‘‘(E) Facilities for the furnishing of water. 
‘‘(F) Sewage facilities. 
‘‘(G) Solid waste disposal facilities. 
‘‘(H) Facilities for the generation, trans-
mission, and distribution of electricity, includ-
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ing property described in clause (iii) or (iv) of 
section 168(e)(3)(D). 
‘‘(I) Facilities for the transmission and 
distribution of natural gas. 
‘‘(J) Communications facilities. 
For purposes of subparagraphs (A) and (B), related 
improvements include bridges, tunnels, and traffic 
control equipment.’’. 
(b) EXPANSION OF DEDUCTION FOR DOMESTIC PRO-
DUCTION ACTIVITIES IN THE CASE OF PUBLICLY TRADED 
PARTNERSHIPS.— 
(1) REDUCTION FOR OIL RELATED QUALIFIED 
PRODUCTION ACTIVITIES INCOME NOT TO APPLY.— 
Paragraph (9) of section 199(d) of such Code is 
amended by adding at the end the following new 
subparagraph: 
‘‘(D) EXCEPTION FOR INCOME FROM PUB-
LICLY TRADED PARTNERSHIPS.—Subparagraph 
(A) shall not apply to income derived from any 
publicly traded partnership (as defined in sec-
tion 7704(b)).’’. 
(2) DISTRIBUTION AND TRANSMISSION ACTIVI-
TIES OF A PUBLICLY TRADED PARTNERSHIP TO BE 
ELIGIBLE.—Subparagraph (B) of section 199(c)(4) 
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of such Code is amended by adding at the end the 
following new flush sentence: 
‘‘Clause (ii) shall not apply to the activities of 
a publicly traded partnership (as defined in sec-
tion 7704(b)).’’. 
(c) INFRASTRUCTURE PROPERTY TREATED
AS 5- 
YEAR PROPERTY.— 
(1) IN GENERAL.—Subparagraph (B) of section 
168(e)(3) of such Code is amended by striking 
‘‘and’’ at the end of clause (vi), by striking the pe-
riod at the end of clause (vii) and inserting ‘‘, and’’, 
and by inserting after clause (vii) the following new 
clause: 
‘‘(viii) infrastructure property (as de-
fined in section 7704(d)(6)).’’. 
(2) CONFORMING AMENDMENTS.— 
(A) Subparagraph (C) of section 168(e)(3) 
of such Code is amended by striking clause (i) 
and by redesignating the succeeding clauses ac-
cordingly. 
(B) Subparagraph (D) of such section is 
amended by adding ‘‘and’’ at the end of clause 
(i), by striking ‘‘, and’’ at the end of clause (ii) 
and inserting a period, and by striking clauses 
(iii) and (iv). 
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(C) Subparagraph (E) of such section is 
amended by striking clauses (i), (ii), and (vii) 
and by redesignating clauses (iii), (iv), (v), (vi), 
(viii), and (ix) as clauses (i), (ii), (iii), (iv), (v), 
and (vi), respectively. 
(D) Subparagraph (F) of such section is 
hereby repealed. 
(E) Subsection (e) of section 168 of such 
Code is amended by striking paragraphs (4) 
and (5) and by redesignating the succeeding 
paragraphs accordingly. 
(F) 
The 
table 
contained 
in 
section 
168(g)(3)(B) of such Code is amended by strik-
ing the item relating to subparagraph (C)(i) 
and all that follows and inserting the following: 
‘‘(C)(ii) ............................................................................................
(C)(iii) .............................................................................................
(D)(i) ..............................................................................................
(D)(ii) .............................................................................................
(E)(i) ...............................................................................................
(E)(ii) ..............................................................................................
(E)(iii) .............................................................................................
(E)(iv) .............................................................................................
(E)(v) ..............................................................................................
(E)(vi) .............................................................................................
39’’. 
(d) LIKE-KIND EXCHANGE TREATMENT FOR EX-
CHANGES
OF
INFRASTRUCTURE
PROPERTY.—Section 
1031 of such Code (relating to exchange of property held 
for productive use or investment) is amended by adding 
at the end the following new subsection: 
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‘‘(j) ALL INFRASTRUCTURE PROPERTY TREATED AS 
LIKE KIND.—Except as provided in subsection (h), each 
real property— 
‘‘(1) which is infrastructure property (as de-
fined in section 7704(d)(6)), and 
‘‘(2) which is held for productive use in a trade 
or business or for investment, 
shall be treated as being of a like kind to every other real 
property which is infrastructure property (as so defined) 
and which is so held.’’. 
(e) EFFECTIVE DATES.— 
(1) IN GENERAL.—Except as provided in para-
graphs (2) and (3), the amendments made by this 
section shall apply to taxable years beginning after 
the date of the enactment of this Act. 
(2) DEPRECIATION.—The amendments made by 
subsection (c) shall apply to property placed in serv-
ice after the date of the enactment of this Act in 
taxable years ending after such date. 
(3) EXCHANGES.—The amendment made by 
subsection (d) shall apply to transfers after the date 
of the enactment of this Act in taxable years ending 
after such date. 
Æ 
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