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

  SA 1757. Mr. CASSIDY (for himself and Mr. Roberts) 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:

       On page 421, strike lines 15 through 21 and insert the 
     following:
       ``(o) Regulations.--The Secretary shall prescribe such 
     regulations or other guidance as may be necessary or 
     appropriate to carry out the provisions of this section or to 
     prevent the avoidance of the purposes of this section, 
     including through a reduction in earnings and profits through 
     changes in entity classification, changes in accounting 
     methods, or otherwise.
       ``(p) Inclusion of Deferred Foreign Income Under This 
     Section Not to Trigger Recapture of Overall Foreign Loss.--
     For purposes of sections 904(f)(1) and 907(c)(4), in the case 
     of a United States shareholder of a deferred foreign income 
     corporation, such United States shareholder's taxable income 
     from sources without the United States and combined foreign 
     oil and gas income shall be determined without regard to this 
     section.''.
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