[Congressional Record Volume 163, Number 195 (Thursday, November 30, 2017)]
[Senate]
[Pages S7574-S7575]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1671. Mr. BLUNT 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:

       On page __, line ___, strike ``(6) Regulations.--'' and 
     insert:
       ``(6) Transition rules for existing indebtedness and 
     loans.--
       ``(A) Limitation not to apply.--The limitation under 
     paragraph (1) shall not apply to interest paid or accrued by 
     a domestic corporation on pre-November 10, 2017 indebtedness.

[[Page S7575]]

       ``(B) Net interest expense.--In computing the net interest 
     expense of a taxpayer for any taxable year, there shall not 
     be taken into account--
       ``(i) any interest paid or accrued by the taxpayer to which 
     subparagraph (A) applies, or
       ``(ii) any interest on loans made by the taxpayer before 
     November 10, 2017, which is includible in the gross income of 
     such taxpayer for such taxable year.
       ``(C) Pre-november 10, 2017 indebtedness.--For purposes of 
     subparagraph (A), the term `pre-November 10, 2017 
     indebtedness' means any indebtedness issued before November 
     10, 2017. If any such indebtedness is significantly modified 
     after November 9, 2017, such indebtedness shall not be 
     treated as pre-November 10, 2017 indebtedness with respect to 
     any interest paid or accrued on or after the date such 
     modification takes effect.
       ``(7) Regulations.--
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