[Congressional Record Volume 163, Number 194 (Wednesday, November 29, 2017)]
[Senate]
[Page S7468]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1622. Mr. PAUL (for himself and Mr. Kennedy) submitted an 
amendment intended to be proposed to amendment SA 1618 proposed by Mr. 
Hatch (for himself and Ms. Murkowski) and intended to be proposed 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:


       At the appropriate place, insert the following:

     SEC. 1____. FLOOR PLAN FINANCING.

       (a) Application of Interest Limitation.--
       (1) In general.--Section 163(j), as amended by section 
     13301, is amended--
       (A) in paragraph (1), by striking ``plus'' at the end of 
     subparagraph (A), by striking the period at the end of 
     subparagraph (B) and inserting ``, plus'', and by inserting 
     after subparagraph (B) the following new subparagraph:
       ``(C) the floor plan financing interest of such taxpayer 
     for such taxable year.'', and
       (B) in paragraph (4)(C)(i)(II), by inserting ``, reduced by 
     the floor plan financing interest,'' after ``business 
     interest of the partnership'', and
       (C) by redesignating paragraph (9) as paragraph (10) and 
     inserting after paragraph (8) the following new paragraph:
       ``(9) Floor plan financing interest defined.--For purposes 
     of this subsection--
       ``(A) In general.--The term `floor plan financing interest' 
     means interest paid or accrued on floor plan financing 
     indebtedness.
       ``(B) Floor plan financing indebtedness.--The term `floor 
     plan financing indebtedness' means indebtedness--
       ``(i) used to finance the acquisition of motor vehicles 
     held for sale or lease, and
       ``(ii) secured by the inventory so acquired.
       ``(C) Motor vehicle.--The term `motor vehicle' means a 
     motor vehicle that is any of the following:
       ``(i) An automobile.
       ``(ii) A truck.
       ``(iii) A recreational vehicle.
       ``(iv) A motorcycle.
       ``(v) Any self-propelled vehicle designed for transporting 
     persons or property on a public street, highway, or road.
       ``(vi) A boat.
       ``(vii) Farm machinery or equipment.''.
       (2) Effective date.--The amendments made by this subsection 
     shall apply to taxable years beginning after December 31, 
     2017.
       (b) Exception From 100 Percent Expensing.--
       (1) In general.--Paragraph (6) of section 168(k), as added 
     by section 13201(a)(4), is amended--
       (A) by striking ``shall not include any property'' and 
     inserting ``shall not include--
       ``(A) any property'', and
       (B) by adding at the end the following new subparagraph:
       ``(B) any property used in a trade or business that has had 
     floor plan financing indebtedness (as defined in paragraph 
     (9) of section 163(j)), if the floor plan financing interest 
     related to such indebtedness was taken into account under 
     paragraph (1)(C) of such section.''.
       (2) Effective date.--The amendments made by this subsection 
     shall apply to property placed in service after September 27, 
     2017, in taxable years ending after such date.
                                 ______