[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 1751. Mr. ISAKSON (for himself and Mr. Perdue) 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 401, after line 24, insert the following:
       ``(G) Transition rule for certain acquisition cash.--
       ``(i) In general.--In determining the aggregate foreign 
     cash position of a United States shareholder for any taxable 
     year for purposes of applying subparagraph (A)(ii), there 
     shall not be taken into account any amount described in 
     subparagraph (B) which was used by a specified foreign 
     corporation to purchase during the period beginning on 
     January 1, 2016, and ending November 9, 2017, stock or assets 
     constituting substantially all of the assets of a trade or 
     business from a person which was not a related person (as 
     defined in section 954(d)(3)) with respect to the 
     corporation.
       ``(ii) Exception for subsequent cash resale.--Clause (i) 
     shall not apply if, during the 5-year period beginning on 
     November 10, 2017, the specified foreign corporation sells 
     the acquired stock or substantially all of the acquired 
     assets for amounts described in subparagraph (B) to a person 
     which is not a related person (as defined in section 
     954(d)(3)) with respect to the corporation.
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