[Congressional Record Volume 163, Number 195 (Thursday, November 30, 2017)]
[Senate]
[Page S7595]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1715. Mr. CORNYN (for himself, Mr. Inhofe, and Mr. Roberts) 
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:

       In section 11011, after subsection (a), insert the 
     following:
       (b) Application to Publicly Traded Partnerships.--
       (1) In general.--Section 199A(b)(1)(B), as added by 
     subsection (a), is amended by striking ``and qualified 
     cooperative dividends'' and inserting ``, qualified 
     cooperative dividends, and qualified publicly traded 
     partnership income''.
       (2) Qualified publicly traded partnership income.--Section 
     199A(e), as added by subsection (a), is amended by adding at 
     the end the following new paragraph:
       ``(5) Qualified publicly traded partnership income.--The 
     term `qualified publicly traded partnership income' means, 
     with respect to any taxpayer, the sum of--
       ``(A) the net amount of such taxpayer's allocable share of 
     each qualified item of income, gain, deduction, and loss (as 
     defined in subsection (c)(3) and determined after the 
     application of subsection (c)(4)) from a publicly traded 
     partnership (as defined in section 7704(a)) which is not 
     treated as a corporation under section 7704(c), plus
       ``(B) any gain recognized by such taxpayer upon disposition 
     of its interest in such partnership to the extent such gain 
     is treated as an amount realized from the sale or exchange of 
     property other than a capital asset under section 751(a).''.
       (3) Conforming amendment.--Section 199A(c)(1), as added by 
     subsection (a), is amended by adding at the end the following 
     new sentence: ``Such term shall not include any qualified 
     publicly traded partnership income.''.
                                 ______