[Congressional Record Volume 163, Number 195 (Thursday, November 30, 2017)]
[Senate]
[Page S7623]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1775. Mr. MENENDEZ (for himself and Mr. Nelson) 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 appropriate place, insert the following:

     SEC. __. ECONOMIC GROWTH AND FAIRNESS FOR PUERTO RICO.

       (a) Puerto Rico Residents Eligible for Earned Income Tax 
     Credit.--
       (1) In general.--Section 32 of the Internal Revenue Code of 
     1986 is amended by adding at the end the following new 
     subsection:
       ``(n) Residents of Puerto Rico.--
       ``(1) In general.--In the case of residents of Puerto 
     Rico--
       ``(A) the United States shall be treated as including 
     Puerto Rico for purposes of subsections (c)(1)(A)(ii)(I) and 
     (c)(3)(C),
       ``(B) subsection (c)(1)(D) shall not apply to nonresident 
     alien individuals who are residents of Puerto Rico, and
       ``(C) adjusted gross income and gross income shall be 
     computed without regard to section 933 for purposes of 
     subsections (a)(2)(B) and (c)(2)(A)(i).
       ``(2) Limitation.--The credit allowed under this section by 
     reason of this subsection for any taxable year shall not 
     exceed the amount, determined under regulations or other 
     guidance promulgated by the Secretary, that a similarly 
     situated taxpayer would receive if residing in a State.''.
       (2) Child tax credit not reduced.--Subclause (II) of 
     section 24(d)(1)(B)(ii) of such Code is amended by inserting 
     before the period ``(determined without regard to section 
     32(n) in the case of residents of Puerto Rico)''.
       (3) Effective date.--The amendments made by this subsection 
     shall apply to taxable years beginning after December 31, 
     2016.
       (b) Equitable Treatment for Residents of Puerto Rico With 
     Respect to the Refundable Portion of the Child Tax Credit.--
       (1) In general.--Section 24(d)(1) of the Internal Revenue 
     Code of 1986 is amended by inserting ``or section 933'' after 
     ``section 112''.
       (2) Effective date.--The amendment made by this subsection 
     shall apply to taxable years beginning after December 31, 
     2016.
       (c) Permanent Section 199 Manufacturing Credit.--
       (1) Restoring manufacturing credit.--This Act is amended by 
     striking section 13305.
       (2) Making puerto rico treatment permanent.--Section 
     199(d)(8) of the Internal Revenue Code of 1986 is amended by 
     striking subparagraph (C).
       (d) Rum Cover Over.--
       (1) In general.--Section 7652(f)(1) of the Internal Revenue 
     Code of 1986 is amended to read as follows:
       ``(1) $13.50, or''.
       (2) Transfer of revenue to puerto rico conservation 
     trust.--Section 7652(e) of the Internal Revenue Code of 1986 
     is amended--
       (A) in paragraph (1), by striking ``All taxes collected'' 
     and inserting ``Except as provided in paragraph (5), all 
     taxes collected''; and
       (B) by adding at the end the following:
       ``(5) Puerto rico conservation trust.--Out of any amounts 
     that would otherwise be covered into the treasury of Puerto 
     Rico under this subsection for taxes collected under section 
     5001(a)(1) on rum imported into the United States, an amount 
     equal to $0.46 for each proof gallon of such rum shall be 
     transferred to the Puerto Rico Conversation Trust.''.
       (3) Effective date.--The amendments made by this subsection 
     shall apply to distilled spirits brought into the United 
     States after December 31, 2016.
                                 ______