[Congressional Record Volume 163, Number 196 (Friday, December 1, 2017)]
[Senate]
[Page S7729]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1835. Mr. GRASSLEY (for himself, Mr. Portman, Mr. Heller, Mr. 
Roberts, and Mr. Thune) 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 481, strike lines 14 through 19, and insert the 
     following:
       (c) Rules Relating to Credits.--
       (1) Disallowance of credits against base erosion tax.--
     Paragraph (2) of section 26(b) is amended by inserting after 
     subparagraph (A) the following new subparagraph:
       ``(B) section 59A (relating to base erosion and anti-abuse 
     tax),''.
       (2) Allowance of unused business credits.--Section 39(a) is 
     amended by adding at the end the following new paragraph:
       ``(5) Increase in current year credit for unused credits 
     arising from base erosion tax.--
       ``(A) In general.--If a taxpayer--
       ``(i) is not an applicable taxpayer for the taxable year, 
     but
       ``(ii) was an applicable taxpayer during any of the 5 
     preceding taxable years,
     then the taxpayer's current year business credit for the 
     taxable year shall be increased by the unused base erosion 
     credit amount for the taxable year.
       ``(B) Unused base erosion credit amount.--For purposes of 
     this paragraph, the term `unused base erosion credit amount' 
     means, with respect to any taxable year, the excess (if any) 
     of--
       ``(i) the sum of the amounts determined under subparagraph 
     (C) for any of the 5 preceding years in which the taxpayer 
     was an applicable taxpayer, over
       ``(ii) any portion of the amount described in clause (i) 
     taken into account under subparagraph (A) for any preceding 
     taxable year.
       ``(C) Determination of unused amount.--The amount 
     determined under this subparagraph for any taxable year 
     described in subparagraph (B)(i) shall be the excess (if any) 
     of--
       ``(i) the taxpayer's base erosion minimum tax amount for 
     the taxable year without regard to this section, over
       ``(ii) the taxpayer's base erosion minimum tax amount for 
     the taxable year which would have been determined if section 
     59A(b)(1)(B) had been applied by taking into account under 
     clause (ii) thereof the total credit allowed under section 38 
     for the taxable year rather than only the portion properly 
     allocable to the research credit determined under section 
     41(a).
       ``(D) Applicable taxpayer.--For purposes of this paragraph, 
     the term `applicable taxpayer' has the meaning given such 
     term by section 59A(e).''.
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