[Congressional Record Volume 163, Number 194 (Wednesday, November 29, 2017)]
[Senate]
[Page S7411]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1599. Mr. INHOFE (for himself, Mr. Blunt, Mr. Lankford, and Mr. 
Cruz) submitted an amendment intended to be proposed by him to the bill 
H.R. 1, to provide for reconciliation pursuant to titles II and V of 
the concurrent resolution on the budget for fiscal year 2018; which was 
ordered to lie on the table; as follows:

       On page 185, strike lines 1 through 6, and insert the 
     following:
       ``(5) Business interest.--For purposes of this subsection--
       ``(A) In general.--The term `business interest' means any 
     interest paid or accrued on indebtedness properly allocable 
     to a trade or business. Such term shall not include 
     investment interest (within the meaning of subsection (d)).
       ``(B) Exception for interest on pre-2018 indebtedness.--
       ``(i) In general.--Business interest shall not include 
     interest paid or accrued on indebtedness incurred by the 
     taxpayer before January 1, 2018.
       ``(ii) Special rules for refinancing and debt instruments 
     allowing additional borrowing.--Clause (i) shall not apply 
     to--

       ``(I) interest on any indebtedness incurred after December 
     31, 2017, to refinance indebtedness described in clause (i), 
     or
       ``(II) in the case of any debt instrument, credit facility, 
     or other evidence of indebtedness under which additional 
     indebtedness may be issued under the same terms, interest on 
     any indebtedness incurred under such terms after December 31, 
     2017.

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