[Congressional Record Volume 163, Number 195 (Thursday, November 30, 2017)]
[Senate]
[Pages S7610-S7611]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1756. Mr. CASSIDY (for himself, Mr. Cornyn, Mr. Roberts, and Mr. 
Heller) submitted an amendment intended to be proposed by him 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 subpart C of part I of subtitle D, insert the 
     following:

[[Page S7611]]

  


     SEC. 14305. ELECTION TO INCREASE PERCENTAGE OF DOMESTIC 
                   TAXABLE INCOME OFFSET BY OVERALL DOMESTIC LOSS 
                   TREATED AS FOREIGN SOURCE.

       (a) In General.--Section 904(g) is amended by adding at the 
     end the following new paragraph:
       ``(5) Election to increase percentage of taxable income 
     treated as foreign source.--
       ``(A) In general.--If any pre-2018 unused overall domestic 
     loss is taken into account under paragraph (1) for any 
     applicable taxable year, the taxpayer may elect to have such 
     paragraph applied to such loss by substituting a percentage 
     greater than 50 percent (but not greater than 100 percent) 
     for 50 percent in subparagraph (B) thereof.
       ``(B) Pre-2018 unused overall domestic loss.--For purposes 
     of this paragraph, the term `pre-2018 unused overall domestic 
     loss' means any overall domestic loss which--
       ``(i) arises in a qualified taxable year beginning before 
     January 1, 2018, and
       ``(ii) has not been used under paragraph (1) for any 
     taxable year beginning before such date.
       ``(C) Applicable taxable year.--For purposes of this 
     paragraph, the term `applicable taxable year' means any 
     taxable year of the taxpayer beginning after December 31, 
     2017, and before January 1, 2028.''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to taxable years beginning after December 31, 
     2017.
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