House Bill 3497 (Rep. Levin, D-Mich), introduced on July 31, would add a provision to the tax code stating that “acquisition indebtedness” for exempt organizations’ unrelated business taxable income purposes does not include debt incurred by a partnership in purchasing qualified securities or commodities. According to the bill text, the measure would provide that indebtedness incurred by a partnership in acquiring securities and commodities is not treated as acquisition indebtedness for purposes of determining the unrelated business taxable income of organizations that are partners with limited liability. Although Levin’s bill passed the House twice as part of two different alterative minimum tax packages, the AMT bill that eventually became law was stripped of the other language, including Levin’s. Levin believes that the bill will correct a problem that “unfairly forces our pension funds, universities and foundations offshore to make certain investments, and we should allow these institutions to bring their investments home.”