On December 16, 2009, Chairman of the Ways and Means Committee, Charles Rangel, along with representatives Joseph Crowley, Richard Neal and Allyson Schwartz, introduced the Regulated Investment Company Modernization Act of 2009, which would amend the Internal Revenue Code to modify certain rules governing the taxation of regulated investment companies. The Act would conform certain tax rules applicable to funds to similar rules applicable to individuals or real estate investment trusts. Among other provisions, the Act would: (1) permit unlimited net capital loss carryforwards, (2) include income from commodities as a source of good income, (3) permit funds to cure inadvertent failures to comply with gross income and gross asset tests and (4) modify rules related to distributions, dividends and the annual excise tax. The Act has been referred to the House Committee on Ways and Means.