[Congressional Record Volume 163, Number 194 (Wednesday, November 29, 2017)]
[Senate]
[Page S7470]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1628. Mr. CORNYN (for himself and Mr. Cassidy) submitted an 
amendment intended to be proposed to amendment SA 1618 submitted 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 end of subpart C of part I of subtitle D, insert the 
     following:

     SEC. 14305. EXTENSION OF CARRYOVER PERIOD FOR FOREIGN TAXES 
                   PAID IN QUALIFIED TAXABLE YEARS WITH OVERALL 
                   DOMESTIC LOSS.

       (a) In General.--Section 904(c) is amended--
       (1) by striking ``Any amount'' and inserting the following:
       ``(1) In general.--Any amount'', and
       (2) by adding at the end the following new paragraph:
       ``(2) Extension of carryover period for foreign taxes paid 
     in qualified taxable years with overall domestic loss.--
       ``(A) In general.--If a taxpayer had an overall domestic 
     loss for any qualified taxable year beginning after December 
     31, 2006, and before January 1, 2018, then, notwithstanding 
     the 10-year carryover period under paragraph (1), the 
     taxpayer may carryover any related excess foreign taxes with 
     respect to such qualified taxable year to any succeeding 
     taxable year beginning after such period and before January 
     1, 2028, to the extent such taxes were not deemed paid or 
     accrued under this subsection in a prior taxable year.
       ``(B) Related excess foreign taxes.--For purposes of this 
     paragraph, the term `related excess foreign taxes' means, 
     with respect to any qualified taxable year described in 
     paragraph (1), an amount equal to the lesser of--
       ``(i) the sum of the foreign taxes paid or accrued to 
     foreign countries or possessions of the United States with 
     respect to such taxable year, plus the amount of any such 
     foreign taxes carried to such year under paragraph (1), or
       ``(ii) the product of--

       ``(I) the taxpayer's overall domestic loss with respect to 
     such taxable year, multiplied by
       ``(II) the proportion determined under subsection (a) for 
     such taxable year.

     For purposes of this subparagraph, foreign oil and gas taxes 
     (as defined in section 907(b)(2)) shall be taken into account 
     for a qualified taxable year to the extent that the overall 
     domestic loss for such taxable year offset combined foreign 
     oil and gas income (as defined in section 907(b)(1)).
       ``(C) Definitions.--Any term used in this paragraph which 
     is also used in subsection (g) shall have the same meaning as 
     when used in such subsection.''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to carryovers from taxable years beginning before 
     January 1, 2018, to taxable years beginning after December 
     31, 2017.
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