[Congressional Record Volume 163, Number 195 (Thursday, November 30, 2017)]
[Senate]
[Page S7574]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1670. Mr. PERDUE submitted an amendment intended to be proposed to 
amendment SA 1618 proposed by Mr. McConnell (for Mr. Hatch (for himself 
and Ms. Murkowski)) 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:

       Beginning on page 78, strike line 11 and all that follows 
     through page 79, line 8 and insert the following:
       ``(h) Special Rules for Sales or Exchanges in Taxable Years 
     2018 Through 2025.--
       ``(1) In general.--In applying this section with respect to 
     sales or exchanges after December 31, 2017, and before 
     January 1, 2026--
       ``(A) `6-year' shall be substituted for `5-year' each place 
     it appears in subsections (a), (b)(5)(C)(ii)(I), and 
     (c)(1)(B)(i)(I) and paragraphs (7), (9), (10), and (12) of 
     subsection (d),
       ``(B) `3 years' shall be substituted for `2 years' each 
     place it appears in subsections (a), (b)(3), (b)(4), 
     (b)(5)(C)(ii)(III), and (c)(1)(B)(ii), and
       ``(C) `3-year' shall be substituted for `2-year' in 
     subsection (b)(3).
       ``(2) Exception for binding contracts.--Paragraph (1) shall 
     not apply to any sale or exchange with respect to which there 
     was a written binding contract in effect before January 1, 
     2018, and at all times thereafter before the sale or 
     exchange.
       ``(3) Phaseout based on modified adjusted gross income.--In 
     the case of sales or exchanges after December 31, 2017, and 
     before January 1, 2026--
       ``(A) In general.--If the average modified adjusted gross 
     income of the taxpayer for the taxable year and the 2 
     preceding taxable years exceeds $250,000 (twice such amount 
     in the case of a joint return), the amount which would (but 
     for this subsection) be excluded from gross income under 
     subsection (a) for such taxable year shall be reduced (but 
     not below zero) by the amount of such excess.
       ``(B) Modified adjusted gross income.--For purposes of this 
     paragraph, the term `modified adjusted gross income' means, 
     with respect to any taxable year, adjusted gross income 
     determined after application of this section (but without 
     regard to subsection (b)(1) and this paragraph).
       ``(C) Special rule for joint returns.--In the case of a 
     joint return, the average modified adjusted gross income of 
     the taxpayer shall be determined without regard to any 
     taxable year with respect to which the taxpayer did not file 
     a joint return.''.
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