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

  SA 1672. 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:

       Beginning on page ___, strike line ___ and all that follows 
     through page ___, line ___, and , insert the following:
       ``(4) Treatment of reasonable compensation and guaranteed 
     payments.--
       ``(A) In general.--Qualified business income shall not 
     include--
       ``(i) reasonable compensation paid to the taxpayer by any 
     qualified trade or business of the taxpayer for services 
     rendered with respect to the trade or business,
       ``(ii) except as provided in subparagraph (B), any 
     guaranteed payment described in section 707(c) paid to a 
     partner for services rendered with respect to the trade or 
     business, and
       ``(iii) to the extent provided in regulations, any payment 
     described in section 707(a) to a partner for services 
     rendered with respect to the trade or business.
       ``(B) Exception for certain guaranteed payments.--In the 
     case of a any qualified trade or business which is a 
     specified service trade or business and is subject to the 
     reporting requirements under section 13 of the Securities 
     Exchange Act of 1934, qualified business income shall include 
     guaranteed payments described in section 707(c) which are 
     paid to a partner who owns less than 1 percent of the of the 
     capital and profits interests of the partnership, but only to 
     the extent that such payments do not exceed the amounts paid 
     for the provision of services in the normal course of the 
     trade or business.
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