[Congressional Record Volume 163, Number 195 (Thursday, November 30, 2017)]
[Senate]
[Pages S7581-S7584]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 1682. Mr. BENNET 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 104, strike line 1 and all that follows
through page 112, line 12 and insert the following:
Subtitle B--Revenue Neutrality
PART I--ENSURING REVENUE NEUTRALITY
SEC. 12001. ADJUSTMENT OF HIGHEST RATE BRACKETS.
(a) Joint Returns.--The last 2 rows of the table contained
in section 1(j)(2)(A), as added by section 11001(a), are
amended to read as follows:
``Over $400,000 but not over $480,050..... $91,479, plus 35% of the
excess over $400,000.
Over $480,050............................. $119,496.50, plus 39.6% of
the excess over
$480,050.''.
(b) Heads of Households.--The last 2 rows of the table
contained in section 1(j)(2)(B), as added by section
11001(a), are amended to read as follows:
``Over $200,000 but not over $453,350..... $44,348, plus 35% of the
excess over $200,000.
Over $453,350............................. $133,020.50, plus 39.6% of
the excess over
$453,350.''.
(c) Unmarried Individuals.--The last 2 rows of the table
contained in section 1(j)(2)(C), as added by section
11001(a), are amended to read as follows:
``Over $200,000 but not over $426,700..... $45,739.50, plus 35% of the
excess over $200,000.
Over $426,700............................. $125,084.50, plus 39.6% of
the excess over
$426,700.''.
(d) Married Individuals Filing Separate Returns.--The last
2 rows of the table contained in section 1(j)(2)(D), as added
by section 11001(a), are amended to read as follows:
``Over $200,000 but not over $240,026..... $45,739.50, plus 35% of the
excess over $200,000.
Over $240,026............................. $59,748.60, plus 39.6% of
the excess over
$240,026.''.
(e) Estates and Trusts.--The last 2 rows of the table
contained in section 1(j)(2)(E), as added by section
11001(a), are amended to read as follows:
``Over $9,150 but not over $12,700........ $1,839, plus 35% of the
excess over $9,150.
Over $12,700.............................. $3,081.50, plus 39.6% of the
excess over $12,700.''.
(f) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2017.
SEC. 12002. CORPORATE TAX RATE.
(a) In General.--Section 11(b), as amended by section
13001, is amended by striking ``20 percent'' and inserting
``28 percent''.
(b) Effective Date.--The amendment made by this section
shall apply to taxable years beginning after December 31,
2018.
SEC. 12003. DECREASE IN ESTATE AND GIFT TAX EXEMPTION.
(a) In General.--Section 2010(c)(3) is amended by striking
subparagraph (C), as added by this Act.
(b) Conforming Amendment.--Subsection (g) of section 2001
is amended to read as follows:
``(g) Modifications to Gift Tax Payable to Reflect
Different Tax Rates.--For purposes of applying subsection
(b)(2) with respect to 1 or more gifts, the rates of tax
under subsection (c) in effect at the decedent's death shall,
in lieu of the rates of tax in effect at the time of such
gifts, be used both to compute--
``(1) the tax imposed by chapter 12 with respect to such
gifts, and
``(2) the credit allowed against such tax under section
2505, including in computing--
``(A) the applicable credit amount under section
2505(a)(1), and
``(B) the sum of the amounts allowed as a credit for all
preceding periods under section 2505(a)(2).''.
(c) Effective Date.--The amendments made by this section
shall apply to estates of decedents dying and gifts made
after December 31, 2017.
SEC. 12004. ORDINARY INCOME TREATMENT IN THE CASE OF
PARTNERSHIP INTERESTS HELD IN CONNECTION WITH
PERFORMANCE OF SERVICES.
(a) In General.--Section 1061, as amended by section
13310(a) of this Act, is amended to read as follows:
``SEC. 1061. PARTNERSHIP INTERESTS HELD IN CONNECTION WITH
PERFORMANCE OF SERVICES.
``(a) In General.--If one or more applicable partnership
interests are held by a taxpayer at any time during the
taxable year, so much of--
``(1) the taxpayer's net capital gain with respect to such
interests for such taxable year, as does not exceed
``(2) the taxpayer's recharacterization account balance for
such taxable year,
shall be treated as ordinary income.
``(b) Net Capital Gain.--
``(1) In general.--For purposes of subsection (a)(1), net
capital gain shall be determined under section 1222, except
that such section shall be applied--
``(A) without regard to the recharacterization of any item
as ordinary income under this section,
``(B) by only taking into account items of gain and loss--
``(i) taken into account by the taxpayer under section 702
with respect to any applicable partnership interest,
``(ii) recognized by the taxpayer on the disposition of any
such interest, or
``(iii) recognized by the taxpayer under paragraph (4) on a
distribution of property with respect to such interest, and
``(C) in the case of a taxable year for which section 1231
gains (as defined in section 1231(a)(3)(A)) exceed section
1231 losses (as defined in section 1231(a)(3)(B)), by
treating property which is taken into account in determining
such gains and losses as capital assets held for more than 1
year.
``(2) Allocation to items of gain.--The amount treated as
ordinary income under subsection (a) shall be allocated
ratably among the items of long-term capital gain taken into
account in determining net capital gain under paragraph (1).
``(3) Recognition of gain on disposition of applicable
partnership interests.--Any gain on the disposition of any
applicable partnership interest shall be recognized
notwithstanding any other provision of this title.
``(4) Recognition of gain on distributions of partnership
property.--
``(A) In general.--In the case of any distribution of
property by a partnership with respect to any applicable
partnership interest, the partner receiving such property
shall recognize gain equal to the excess (if any) of--
``(i) the fair market value of such property at the time of
such distribution, over
``(ii) the adjusted basis of such property in the hands of
such partner (determined without regard to subparagraph (B)).
``(B) Adjustment of basis.--In the case of a distribution
to which subparagraph (A) applies, the basis of the
distributed property in the hands of the distributee partner
shall be the amount determined under subparagraph (A)(i).
``(c) Recharacterization Account Balance.--
``(1) In general.--For purposes of this section, the term
`recharacterization account balance' means, with respect to
any taxpayer for any taxable year, the excess (if any) of--
``(A) the sum of--
``(i) the taxpayer's aggregate annual recharacterization
amounts with respect to applicable partnership interests for
such taxable year, plus
``(ii) the taxpayer's recharacterization account balance
for the taxable year preceding such taxable year, over
``(B) the sum of--
``(i) the taxpayer's net ordinary income with respect to
applicable partnership interests for such taxable year
(determined without regard to this section), plus
``(ii) the amount treated as ordinary income of the
taxpayer under this section for the taxable year preceding
such taxable year.
``(2) Annual recharacterization amount.--For purposes of
this subsection--
``(A) In general.--The term `annual recharacterization
amount' means, with respect to any applicable partnership
interest for any partnership taxable year, an amount equal to
the product of--
``(i) the specified rate determined under subparagraph (B)
for the calendar year in
[[Page S7582]]
which such taxable year begins, multiplied by
``(ii) the excess (if any) of--
``(I) an amount equal to the applicable percentage of the
partnership's aggregate invested capital for such taxable
year, over
``(II) the specified capital contribution of the partner
with respect to the applicable partnership interest for such
taxable year.
If a taxpayer holds an applicable partnership interest for
less than the entire taxable year, the amount determined
under the preceding sentence shall be ratably reduced.
``(B) Specified rate.--For purposes of subparagraph (A),
the term `specified rate' means, with respect to any calendar
year, a percentage equal to--
``(i) the Federal long-term rate determined under section
1274(d)(1) for the last month of the calendar year, plus
``(ii) 10 percentage points.
``(C) Applicable percentage.--
``(i) In general.--The term `applicable percentage' means,
with respect to any applicable partnership interest, the
highest percentage of profits of the partnership that could
be allocated with respect to such interest for the taxable
year (consistent with the partnership agreement and assuming
such facts and circumstances with respect to such taxable
year as would result in such highest percentage).
``(ii) Secretarial authority.--The Secretary shall
prescribe rules for the determination of the applicable
percentage in cases in which the percentage of profits of a
partnership that are to be allocated with respect to an
applicable partnership interest varies on the basis of the
aggregate amount of such profits. Such rules may provide a
percentage which may be used in lieu of the highest
percentage determined under clause (i) in cases where such
other percentage is consistent with the purposes of this
section.
``(D) Aggregate invested capital.--
``(i) In general.--The term `aggregate invested capital'
means, with respect to any taxable year, the average daily
amount of invested capital of the partnership for such
taxable year.
``(ii) Invested capital.--The term `invested capital'
means, with respect to any partnership as of any day, the
total cumulative value, determined at the time of
contribution, of all money or other property contributed to
the partnership on or before such day.
``(iii) Reduction for liquidation of partnership
interests.--The invested capital of a partnership shall be
reduced by the aggregate amount distributed in liquidation of
interests in the partnership.
``(iv) Treatment of certain indebtedness as invested
capital.--The following amounts shall be treated as invested
capital:
``(I) Partner loans.--The aggregate value (determined as of
the time of the loan) of money or other property which a
partner loans to the partnership.
``(II) Indebtedness eligible to share in equity of the
partnership.--The face amount of any convertible debt of the
partnership or any debt obligation providing equity
participation in the partnership.
``(E) Specified capital contribution.--
``(i) In general.--The term `specified capital
contribution' means, with respect to any applicable
partnership interest for any taxable year, the average daily
amount of contributed capital with respect to such interest
for such year.
``(ii) Contributed capital.--The term `contributed capital'
means, with respect to applicable partnership interest as of
any day, the excess (if any) of--
``(I) the total cumulative value, determined at the time of
contribution, of all money or other property contributed by
the partner to the partnership with respect to such interest
as of such day, over
``(II) the total cumulative value, determined at the time
of distribution, of all money or other property distributed
by the partnership to the partner with respect to such
interest as of such day.
``(iii) Treatment of related party borrowings.--Any amount
borrowed directly or indirectly from the partnership or any
other partner of the partnership or any person related to
such other partner or such partnership shall not be taken
into account under this subparagraph. For purposes of the
preceding sentence, a person shall be treated as related to
another person if the relationship between such persons would
be described in section 267(b) or 707(b) if such sections and
section 267(f) were applied by substituting `10 percent' for
`50 percent' each place it appears.
``(F) Multiple interests.--If at any time during a taxable
year a taxpayer holds directly or indirectly more than 1
applicable partnership interest in a single partnership, such
interests shall be treated as 1 applicable partnership
interest for purposes of applying this paragraph.
``(3) Net ordinary income.--For purposes of this
subsection, the net ordinary income with respect to
applicable partnership interests for any taxable year is the
excess (if any) of--
``(A) the taxpayer's distributive share of items of income
and gain under section 702 with respect to applicable
partnership interests for such taxable year (determined
without regard to any items of gain taken into account in
determining net capital gain under subsection (b)(1)), over
``(B) the taxpayer's distributive share of items of
deduction and loss under section 702 with respect to such
interests for such taxable year (determined without regard to
any items of loss taken into account in determining net
capital gain under subsection (b)(1)).
``(d) Applicable Partnership Interest.--For purposes of
this section--
``(1) In general.--The term `applicable partnership
interest' means any interest in a partnership which, directly
or indirectly, is transferred to (or is held by) the taxpayer
in connection with the performance of services by the
taxpayer, or any other person, in any applicable trade or
business.
``(2) Applicable trade or business.--
``(A) In general.--The term `applicable trade or business'
means any trade or business conducted on a regular,
continuous, and substantial basis which, regardless of
whether the activities are conducted in one or more entities,
consists, in whole or in part, of--
``(i) raising or returning capital,
``(ii) investing in (or disposing of) trades or businesses
(or identifying trades or businesses for such investing or
disposition), and
``(iii) developing such trades or businesses.
``(B) Treatment of research and experimentation
activities.--Any activity involving research or
experimentation (within the meaning of section 469(c)(5))
shall be treated as a trade or business for purposes of
clauses (ii) and (iii) of subparagraph (A).
``(C) Treatment of real property trades or businesses.--Any
activity involving real property development, redevelopment,
construction, reconstruction, acquisition, conversion,
rental, operation, management, leasing, or brokerage shall be
treated as a trade or business for purposes of clauses (ii)
and (iii) of subparagraph (A).
``(e) Transfer of Applicable Partnership Interest to
Related Person.--
``(1) In general.--If a taxpayer transfers any applicable
partnership interest, directly or indirectly, to a person
related to the taxpayer, the taxpayer shall include in gross
income (as ordinary income) so much of the taxpayer's
recharacterization account balance for such taxable year as
is allocable to such interest (determined in such manner as
the Secretary may provide and reduced by any amount treated
as ordinary income under subsection (a) with respect to the
transfer of such interest).
``(2) Related person.--For purposes of this paragraph, a
person is related to the taxpayer if--
``(A) the person is a member of the taxpayer's family
within the meaning of section 318(a)(1), or
``(B) the person performed a service within the current
calendar year or the preceding three calendar years in any
applicable trade or business in which or for which the
taxpayer performed a service.
``(f) Reporting by Entity of Taxpayer's Annual
Recharacterization Amount.--A partnership shall report to the
Secretary, and include with the information required to be
furnished under section 6031(b) to each partner, the amount
of the partner's annual recharacterization amount for the
taxable year, if any. A similar rule applies to any entity
that receives a report of an annual recharacterization amount
for the taxable year.
``(g) Coordination With Section 199A.--No item of income,
gain, deduction, or loss, or W-2 wages, which are properly
allocable to an applicable partnership interest shall be
taken into account in computing the qualified business income
of a taxpayer for purposes of section 199A or the amount of
the deduction under such section.
``(h) Regulations.--The Secretary shall issue such
regulations or other guidance as necessary to carry out this
section, including regulations--
``(1) to prevent the abuse of the purposes of this section,
including through--
``(A) the allocation of income to tax indifferent parties,
or
``(B) a reduction in the invested capital of the
partnership (including attempts to undervalue contributed or
loaned property),
``(2) which provide that partnership interests shall not
fail to be treated as transferred or held in connection with
the performance of services merely because the taxpayer also
made contributions to the partnership,
``(3) which provide for the application of this section in
cases where the taxpayer has more than 1 applicable interest
in a partnership, and
``(4) which provide for the application of this section in
cases of tiered structures of entities.''.
(b) Coordination With Section 83.--Subsection (e) of
section 83 is amended by striking ``or'' at the end of
paragraph (4), by striking the period at the end of paragraph
(5) and inserting ``, or'', and by adding at the end the
following new paragraph:
``(6) a transfer of a partnership interest to which section
1061 applies.''.
(c) Effective Date.--The amendments made by this section
shall take effect as if included in the amendments made by
section 13310 of this Act.
PART II--FISCAL COMMISSION ON REVENUE NEUTRALITY ALTERNATIVES
SEC. 12010. ESTABLISHMENT OF FISCAL COMMISSION.
(a) Definitions.--In this part:
(1) Commission.--The term ``fiscal commission'' means the
Fiscal Commission on Revenue Neutrality Alternatives
established under subsection (b)(1).
(2) Fiscal commission bill.--The term ``fiscal commission
bill'' means a bill consisting of the proposed legislative
language
[[Page S7583]]
of the fiscal commission recommended under subsection
(b)(3)(B)(i)(II) and introduced under section 12011.
(b) Establishment of Fiscal Commission.--
(1) Establishment.--There is established a joint select
committee of Congress to be known as the ``Fiscal Commission
on Revenue Neutrality Alternatives''.
(2) Goal.--The goal of the fiscal commission shall be to
increase revenue to the Treasury over the period of fiscal
years 2018 to 2027 by an amount that is not less than the
amount by which such revenue would be increased over such
period as a result of the amendments made by part I of this
subtitle.
(3) Duties.--
(A) In general.--The fiscal commission shall provide
recommendations and legislative language for increasing
revenue as an alternative to the amendments made by part I of
this subtitle.
(B) Report, recommendations, and legislative language.--
(i) In general.--Not later than November 15, 2018, the
fiscal commission shall vote on--
(I) a report that contains a detailed statement of the
findings, conclusions, and recommendations of the fiscal
commission and the estimate of the Congressional Budget
Office required by paragraph (5)(D)(ii); and
(II) proposed legislative language to carry out such
recommendations as described in subclause (I), which--
(aa) would repeal or modify some or all of the amendments
made by part I of this subtitle;
(bb) relates only to revenue; and
(cc) if enacted into law, would result in an increase in
revenue to the Treasury over the period of fiscal years 2018
to 2027 in an amount that is not less than the amount by
which such revenue would be increased over such period as a
result of the amendments made by part I of this subtitle.
Any change to the Rules of the House of Representatives or
the Standing Rules of the Senate included in the report or
legislative language shall be considered to be merely
advisory.
(ii) Approval of report and legislative language.--The
report of the fiscal commission and the proposed legislative
language described in clause (i) shall require the approval
of a majority of the members of the fiscal commission.
(iii) Transmission of report and legislative language.--If
the report and legislative language are approved by the
fiscal commission pursuant to clause (ii), then not later
than November 15, 2018, the fiscal commission shall submit
the fiscal commission report and legislative language
described in clause (i) to the President, the Vice President,
the Speaker of the House of Representatives, and the majority
and minority Leaders of each House of Congress.
(4) Membership.--
(A) In general.--The fiscal commission shall be composed of
12 members appointed pursuant to subparagraph (B).
(B) Appointment.--Members of the fiscal commission shall be
appointed as follows:
(i) The majority leader of the Senate shall appoint 3
members from among Members of the Senate.
(ii) The minority leader of the Senate shall appoint 3
members from among Members of the Senate.
(iii) The Speaker of the House of Representatives shall
appoint 3 members from among Members of the House of
Representatives.
(iv) The minority leader of the House of Representatives
shall appoint 3 members from among Members of the House of
Representatives.
(C) Co-chairs.--
(i) In general.--There shall be two Co-Chairs of the fiscal
commission. The majority leader of the Senate shall appoint
one Co-Chair from among the members of the fiscal commission.
The Speaker of the House of Representatives shall appoint the
second Co-Chair from among the members of the fiscal
commission. The Co-Chairs shall be appointed not later than
14 calendar days after the date of enactment of this Act.
(ii) Staff director.--The Co-Chairs, acting jointly, shall
hire the staff director of the fiscal commission.
(D) Date.--Members of the fiscal commission shall be
appointed not later than 14 calendar days after the date of
enactment of this Act.
(E) Period of appointment.--Members shall be appointed for
the life of the fiscal commission. Any vacancy in the fiscal
commission shall not affect its powers, but shall be filled
not later than 14 calendar days after the date on which the
vacancy occurs, in the same manner as the original
designation was made. If a member of the fiscal commission
ceases to be a Member of the House of Representatives or the
Senate, as the case may be, the member is no longer a member
of the fiscal commission and a vacancy shall exist.
(5) Administration.--
(A) In general.--To enable the fiscal commission to
exercise its powers, functions, and duties, there are
authorized to be disbursed by the Senate the actual and
necessary expenses of the fiscal commission approved by the
co-chairs, subject to the rules and regulations of the
Senate.
(B) Expenses.--In carrying out its functions, the fiscal
commission is authorized to incur expenses in the same manner
and under the same conditions as the Joint Economic Committee
is authorized by section 11 of Public Law 79-304 (15 U.S.C.
1024 (d)).
(C) Quorum.--Seven members of the fiscal commission shall
constitute a quorum for purposes of voting, meeting, and
holding hearings.
(D) Voting.--
(i) Proxy voting.--No proxy voting shall be allowed on
behalf of the members of the fiscal commission.
(ii) Congressional budget office estimates.--The
Congressional Budget Office shall provide estimates of the
legislation (as described in paragraph (3)(B)) in accordance
with sections 308(a) and 201(f) of the Congressional Budget
Act of 1974 (2 U.S.C. 639(a) and 601(f))(including estimates
of the effect of interest payment on the debt). The fiscal
commission may not vote on any version of the report,
recommendations, or legislative language unless such
estimates are available for consideration by all members of
the fiscal commission at least 48 hours prior to the vote as
certified by the Co-Chairs.
(E) Meetings.--
(i) Initial meeting.--Not later than 45 calendar days after
the date of enactment of this Act, the fiscal commission
shall hold its first meeting.
(ii) Agenda.--The Co-Chairs of the fiscal commission shall
provide an agenda to the fiscal commission members not less
than 48 hours in advance of any meeting.
(F) Hearings.--
(i) In general.--The fiscal commission may, for the purpose
of carrying out this section, hold such hearings, sit and act
at such times and places, require attendance of witnesses and
production of books, papers, and documents, take such
testimony, receive such evidence, and administer such oaths
as the fiscal commission considers advisable.
(ii) Hearing procedures and responsibilities of co-
chairs.--
(I) Announcement.--The Co-Chairs of the fiscal commission
shall make a public announcement of the date, place, time,
and subject matter of any hearing to be conducted, not less
than 7 days in advance of such hearing, unless the Co-Chairs
determine that there is good cause to begin such hearing at
an earlier date.
(II) Written statement.--A witness appearing before the
fiscal commission shall file a written statement of proposed
testimony at least 2 calendar days before the appearance of
the witness, unless the requirement is waived by the Co-
Chairs, following their determination that there is good
cause for failure to comply with such requirement.
(G) Technical assistance.--Upon written request of the Co-
Chairs, a Federal agency shall provide technical assistance
to the fiscal commission in order for the fiscal commission
to carry out its duties.
(c) Staff of Fiscal Commission.--
(1) In general.--The Co-Chairs of the fiscal commission may
jointly appoint and fix the compensation of staff as they
deem necessary, within the guidelines for employees of the
Senate and following all applicable rules and employment
requirements of the Senate.
(2) Ethical standards.--Members on the fiscal commission
who serve in the House of Representatives shall be governed
by the ethics rules and requirements of the House. Members of
the Senate who serve on the fiscal commission and staff of
the fiscal commission shall comply with the ethics rules of
the Senate.
(d) Termination.--The fiscal commission shall terminate on
January 1, 2019.
SEC. 12011. EXPEDITED CONSIDERATION OF FISCAL COMMISSION
RECOMMENDATIONS.
(a) Introduction.--If approved by the majority required by
section 12010(b)(3)(B)(ii), the proposed legislative language
submitted pursuant to section 12010(b)(3)(B)(iii) shall be
introduced in the Senate (by request) on the next day on
which the Senate is in session by the majority leader of the
Senate or by a Member of the Senate designated by the
majority leader of the Senate and shall be introduced in the
House of Representatives (by request) on the next legislative
day by the majority leader of the House or by a Member of the
House designated by the majority leader of the House.
(b) Consideration in the House of Representatives.--
(1) Reporting and discharge.--Any committee of the House of
Representatives to which a fiscal commission bill is referred
shall report it to the House without amendment not later than
5 calendar days after the date of introduction of a fiscal
commission bill described in subsection (a). If a committee
fails to report the fiscal commission bill within that
period, the committee shall be discharged from further
consideration of the fiscal commission bill and the fiscal
commission bill shall be referred to the appropriate
calendar.
(2) Proceeding to consideration.--After each committee
authorized to consider a fiscal commission bill reports it to
the House or has been discharged from its consideration, it
shall be in order, not later than the sixth day after
introduction of a fiscal commission bill under subsection
(a), to move to proceed to consider the fiscal commission
bill in the House. All points of order against the motion are
waived. Such a motion shall not be in order after the House
has disposed of a motion to proceed on a fiscal commission
bill addressing a particular submission. The previous
question shall be considered as ordered on the motion to its
adoption without intervening motion. The motion shall not be
debatable. A motion to reconsider the vote by which the
motion is disposed of shall not be in order.
[[Page S7584]]
(3) Consideration.--The fiscal commission bill shall be
considered as read. All points of order against the fiscal
commission bill and against its consideration are waived. The
previous question shall be considered as ordered on the
fiscal commission bill to its passage without intervening
motion except two hours of debate equally divided and
controlled by the proponent and an opponent. A motion to
reconsider the vote on passage of the fiscal commission bill
shall not be in order.
(4) Vote on passage.--The vote on passage of the fiscal
commission bill shall occur not later than November 30, 2018.
(c) Expedited Procedure in the Senate.--
(1) Committee consideration.--A fiscal commission bill
introduced in the Senate under subsection (a) shall be
jointly referred to the committee or committees of
jurisdiction, which committees shall report the bill without
any revision and with a favorable recommendation, an
unfavorable recommendation, or without recommendation, not
later than 5 calendar days after the date of introduction
described in subsection (a). If any committee fails to report
the bill within that period, that committee shall be
automatically discharged from consideration of the bill, and
the bill shall be placed on the appropriate calendar.
(2) Motion to proceed.--Notwithstanding Rule XXII of the
Standing Rules of the Senate, it is in order, not later than
2 days of session after the date on which a fiscal commission
bill is reported or discharged from all committees to which
it was referred, for the majority leader of the Senate or the
majority leader's designee to move to proceed to the
consideration of the fiscal commission bill. It shall also be
in order for any Member of the Senate to move to proceed to
the consideration of the fiscal commission bill at any time
after the conclusion of such 2-day period. A motion to
proceed is in order even though a previous motion to the same
effect has been disagreed to. All points of order against the
motion to proceed to the fiscal commission bill are waived.
The motion to proceed is not debatable. The motion is not
subject to a motion to postpone. A motion to reconsider the
vote by which the motion is agreed to or disagreed to shall
not be in order. If a motion to proceed to the consideration
of the fiscal commission bill is agreed to, the fiscal
commission bill shall remain the unfinished business until
disposed of.
(3) Consideration.--All points of order against the fiscal
commission bill and against consideration of the fiscal
commission bill are waived. Consideration of the fiscal
commission bill and of all debatable motions and appeals in
connection therewith shall not exceed a total of 30 hours
which shall be divided equally between the Majority and
Minority Leaders or their designees. A motion further to
limit debate on the fiscal commission bill is in order, shall
require an affirmative vote of three-fifths of the Members
duly chosen and sworn, and is not debatable. Any debatable
motion or appeal is debatable for not to exceed 1 hour, to be
divided equally between those favoring and those opposing the
motion or appeal. All time used for consideration of the
fiscal commission bill, including time used for quorum calls
and voting, shall be counted against the total 30 hours of
consideration.
(4) No amendments.--An amendment to the fiscal commission
bill, or a motion to postpone, or a motion to proceed to the
consideration of other business, or a motion to recommit the
fiscal commission bill, is not in order.
(5) Vote on passage.--If the Senate has voted to proceed to
the fiscal commission bill, the vote on passage of the fiscal
commission bill shall occur immediately following the
conclusion of the debate on a fiscal commission bill, and a
single quorum call at the conclusion of the debate if
requested. The vote on passage of the fiscal commission bill
shall occur not later than December 15, 2018.
(6) Rulings of the chair on procedure.--Appeals from the
decisions of the Chair relating to the application of the
rules of the Senate, as the case may be, to the procedure
relating to a fiscal commission bill shall be decided without
debate.
(d) Amendment.--The fiscal commission bill shall not be
subject to amendment in either the House of Representatives
or the Senate.
(e) Consideration by the Other House.--
(1) In general.--If, before passing the fiscal commission
bill, one House receives from the other a fiscal commission
bill--
(A) the fiscal commission bill of the other House shall not
be referred to a committee; and
(B) the procedure in the receiving House shall be the same
as if no fiscal commission bill had been received from the
other House until the vote on passage, when the fiscal
commission bill received from the other House shall supplant
the fiscal commission bill of the receiving House.
(2) Revenue measure.--This subsection shall not apply to
the House of Representatives if the fiscal commission bill
received from the Senate is a revenue measure.
(f) Rules to Coordinate Action With Other House.--
(1) Treatment of fiscal commission bill of other house.--If
the Senate fails to introduce or consider a fiscal commission
bill under this section, the fiscal commission bill of the
House shall be entitled to expedited floor procedures under
this section.
(2) Treatment of companion measures in the senate.--If
following passage of the fiscal commission bill in the
Senate, the Senate then receives the fiscal commission bill
from the House of Representatives, the House-passed fiscal
commission bill shall not be debatable. The vote on passage
of the fiscal commission bill in the Senate shall be
considered to be the vote on passage of the fiscal commission
bill received from the House of Representatives.
(3) Vetoes.--If the President vetoes the fiscal commission
bill, debate on a veto message in the Senate under this
section shall be 1 hour equally divided between the majority
and minority leaders or their designees.
(g) Loss of Privilege.--The provisions of this section
shall cease to apply to the fiscal commission bill if--
(1) the fiscal commission fails to vote on the report or
proposed legislative language required under section
12010(b)(3)(B)(i) not later than November 15, 2018;
(2) the fiscal commission bill does not meet the
requirements of section 12010(b)(3)(B)(i)(II); or
(3) the fiscal commission bill does not pass both Houses
not later than December 15, 2018.
SEC. 12012. FUNDING.
Funding for the fiscal commission shall be derived in equal
portions from--
(1) the applicable accounts of the House of
Representatives; and
(2) the contingent fund of the Senate from the
appropriations account ``Miscellaneous Items'', subject to
the rules and regulations of the Senate.
SEC. 12013. RULEMAKING.
The provisions of this part are enacted by Congress--
(1) as an exercise of the rulemaking power of the House of
Representatives and the Senate, respectively, and as such
they shall be considered as part of the rules of each House,
respectively, or of that House to which they specifically
apply, and such rules shall supersede other rules only to the
extent that they are inconsistent therewith; and
(2) with full recognition of the constitutional right of
either House to change such rules (so far as relating to such
House) at any time, in the same manner, and to the same
extent as in the case of any other rule of such House.
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