[Congressional Record Volume 163, Number 195 (Thursday, November 30, 2017)]
[Senate]
[Pages S7611-S7612]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1763. Mr. PAUL 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:

       Beginning on page 398, strike line 5 and all that follows 
     through page 401, line 19 and insert the following:
       ``(2) Aggregate foreign cash position.--For purposes of 
     this subsection--
       ``(A) In general.--The term `aggregate foreign cash 
     position' means--
       ``(i) with respect to any United States shareholder, the 
     sum of each specified foreign corporation's net cash 
     position, determined as of the close of the last taxable year 
     of such specified foreign corporation which begins before 
     January 1, 2018, or
       ``(ii) one half of the sum of--

       ``(I) the aggregate described in clause (i) determined as 
     of the close of the last taxable year of each such specified 
     foreign corporation which ends before November 9, 2017, plus
       ``(II) the aggregate described in clause (i) determined as 
     of the close of the taxable year of each such specified 
     foreign corporation which precedes the taxable year referred 
     to in subclause (I).

       ``(B) Gross cash position.--For purposes of this paragraph, 
     the cash position of any specified foreign corporation is the 
     sum of--
       ``(i) cash and foreign currency held by such foreign 
     corporation,
       ``(ii) the gross accounts receivable of such foreign 
     corporation, plus
       ``(iii) the fair market value of the following assets held 
     by such corporation:

       ``(I) Personal property which is of a type that is actively 
     traded and for which there is an established financial market 
     (other than stock in the specified foreign corporation).
       ``(II) Commercial paper, certificates of deposit, the 
     securities of the Federal government and of any State or 
     foreign government.
       ``(III) Any obligation with a term of less than one year.
       ``(IV) Any asset which the Secretary identifies as being 
     economically equivalent to any asset described in this 
     subparagraph.

       ``(C) Net cash position.--For purposes of this paragraph, 
     the net cash position of a specified foreign corporation is 
     the sum of such corporation's gross cash position and its 
     gross short cash position.
       ``(D) Gross short cash position.--For purposes of this 
     paragraph, the gross short cash position of a specified 
     foreign corporation is the sum of--
       ``(i) the gross accounts payable of such corporation,
       ``(ii) the gross obligations owed by such corporation with 
     a term of less than 1 year, and
       ``(iii) gross liabilities of such corporation which consist 
     of actively traded personal property for which there is an 
     established securities market.
       ``(E) Prevention of double counting.--Cash positions of a 
     specified foreign corporation described in clause (ii) or 
     (iii)(III) of subparagraph (B) shall not be taken into 
     account by a United States shareholder under subparagraph (A) 
     to the extent that such United States shareholder 
     demonstrates to the satisfaction of the Secretary that such 
     amount is so taken into account by such United States 
     shareholder with respect to another specified foreign 
     corporation.
       ``(F) Cash positions of certain non-corporate entities 
     taken into account.--An entity shall be treated as a 
     specified foreign corporation of a United States shareholder 
     for purposes of determining such United States shareholder's 
     aggregate foreign cash position if--
       ``(i) such entity is a foreign entity which would be a 
     specified foreign corporation of such United States 
     shareholder if such entity were a corporation, or

[[Page S7612]]

       ``(ii) any interest in such entity is held by a specified 
     foreign corporation of such United States shareholder 
     (determined after application of clause (i)) and such entity 
     would be a specified foreign corporation of such United 
     States shareholder if such entity were a foreign corporation.
       ``(G) Anti-abuse.--If the Secretary deter-
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