[Congressional Record Volume 163, Number 195 (Thursday, November 30, 2017)]
[Senate]
[Page S7577]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1677. Mr. LEAHY 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:

       At the appropriate place, add the following:

     SEC. 1____. LIFETIME LIMITATION ON NONRECOGNITION OF PROPERTY 
                   SOLD TO COMPLY WITH CONFLICT-OF-INTEREST 
                   REQUIREMENTS.

       (a) In General.--Section 1043 is amended by adding at the 
     end the following new subsection:
       ``(d) Limitation.--The amount of gain to which subsection 
     (a) applies with respect to any taxpayer for a taxable year 
     shall not exceed $1,000,000 reduced by the amount of gain to 
     which subsection (a) applied with respect to such taxpayer 
     for all preceding taxable years.''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to sales in taxable years beginning after 
     December 31, 2016.
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