[Congressional Record Volume 163, Number 195 (Thursday, November 30, 2017)]
[Senate]
[Page S7609]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1753. Mr. JOHNSON 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 end of part V of subtitle A of title I, insert the 
     following:

     SEC. 11052. ADJUSTMENT OF CORPORATE TAX RATE AND RATE OF 
                   DEDUCTION FOR PASS-THRU ENTITIES.

       (a) Adjustment of Corporate Tax Rate.--
       (1) Increase in rate.--Subsection (b) of section 11, as 
     amended by section 13001 of this Act, is amended by striking 
     ``20 percent'' and inserting ``22 percent''.
       (2) Advanced application of reduced corporate tax rate.--
       (A) Section 13001(c) of this Act is amended by striking 
     ``December 31, 2018'' each place it appears and inserting 
     ``December 31, 2017''.
       (B) Section 13002(f) of this Act is amended by striking 
     ``December 31, 2018'' each place it appears and inserting 
     ``December 31, 2017''.
       (b) Increase in Rate for Deduction for Qualified Business 
     Income of Pass-thru Entities.--
       (1) In general.--Section 199A of the Internal Revenue Code 
     of 1986, as added by section 11011 of this Act, is amended--
       (A) in paragraph (2) of subsection (a), by striking ``17.4 
     percent'' and inserting ``the applicable percentage (as 
     determined under subsection (g))'', and
       (B) in paragraphs (1)(B) and (2)(A) of subsection (b), by 
     striking ``17.4 percent'' each place it appears and inserting 
     ``the applicable percentage (as determined under subsection 
     (g))''.
       (2) Applicable percentage.--Section 199A of the Internal 
     Revenue Code of 1986, as added by section 11011 of this Act, 
     is amended--
       (A) by redesignating subsection (g) as subsection (h), and
       (B) by inserting after subsection (f) the following new 
     subsection:
       ``(g) Applicable Percentage.--
       ``(1) In general.--For purposes of this section, the 
     applicable percentage shall be equal to the sum of 17.4 
     percent plus the additional percentage (as determined under 
     paragraph (2)).
       ``(2) Additional percentage.--The additional percentage 
     shall be the amount (expressed as a percentage) which is 
     determined by the Secretary to permit an increase in the 
     deduction allowed under this section in an amount equal to 
     the increase in revenue resulting from the amendments made by 
     subsection (a) of section 11052 of the Tax Cuts and Jobs 
     Act.''.
       (3) Effective date.--The amendments made by this section 
     shall apply to taxable years beginning after December 31, 
     2017.
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