[Congressional Record Volume 163, Number 195 (Thursday, November 30, 2017)]
[Senate]
[Pages S7596-S7597]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1726. Mr. RISCH (for himself and Mr. Crapo) 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 402, strike lines 12 through 24 and insert the 
     following:
       ``(2) Accumulated post-1986 deferred foreign income.--The 
     term `accumulated post-1986 deferred foreign income' means 
     post-1986 earnings and profits--
       ``(A) except to the extent such earnings--
       ``(i) are attributable to income of the specified foreign 
     corporation which is effectively connected with the conduct 
     of a trade or business within the United States and subject 
     to tax under this chapter, or
       ``(ii) in the case of a controlled foreign corporation, if 
     distributed, would be excluded from the gross income of a 
     United States shareholder under section 959, and
       ``(B) reduced by the amount of deductions recognized by a 
     specified foreign corporation in taxable years beginning 
     after December 31, 2017, with respect to income recognized by 
     a United States shareholder in taxable years beginning before 
     December 31, 2017.

[[Page S7597]]

  

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