[Congressional Record Volume 166, Number 139 (Wednesday, August 5, 2020)]
[Senate]
[Page S4960]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2592. Mr. SCOTT of Florida submitted an amendment intended to be 
proposed to amendment SA 2499 proposed by Mr. McConnell to the bill S. 
178, to condemn gross human rights violations of ethnic Turkic Muslims 
in Xinjiang, and calling for an end to arbitrary detention, torture, 
and harassment of these communities inside and outside China; which was 
ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. EXPANSION OF EXCLUSION FOR GAIN FROM CERTAIN SMALL 
                   BUSINESS STOCK.

       (a) Application to Corporations.--Section 1202(a) of the 
     Internal Revenue Code of 1986 is amended by striking ``In the 
     case of a taxpayer other than corporation, gross income'' and 
     inserting ``Gross income''.
       (b) Increase in Exclusion Limitation.--
       (1) In general.--Section 1202(b)(1)(A) of the Internal 
     Revenue Code of 1986 is amended by striking ``$10,000,000'' 
     and inserting ``$20,000,000''.
       (2) Conforming amendment.--Section 1202(b)(3)(A) of such 
     Code is amended by striking ``substituting `$5,000,000' for 
     `$10,000,000' '' and inserting ``substituting `$10,000,000' 
     for `$20,000,000' ''.
       (c) Increase in Qualified Business Asset Limitations.--
     Section 1202(d)(1) of the Internal Revenue Code of 1986 is 
     amended by striking ``$50,000,000'' each place it appears in 
     subparagraphs (A) and (B) and inserting ``$100,000,000''.
       (d) Expansion of Permissible Trades or Businesses.--Section 
     1202(e)(3) of the Internal Revenue Code of 1986 is amended--
       (1) by redesignating subparagraphs (A) through (E) as 
     clauses (i) through (v), respectively and by moving such 
     clauses 2 ems to the right, and
       (2) by striking ``means any trade or business other than--
     '' and inserting ``means--
       ``(A) in the case of stock acquired after the date of the 
     enactment of the Coronavirus Relief Fair Unemployment 
     Compensation Act of 2020, any trade or business, and
       ``(B) in the case of stock acquired on or before such date, 
     any trade or business other than--''.
       (e) Effective Date.--
       (1) In general.--Except as provided in paragraph (2), the 
     amendments made by this section shall apply to stock acquired 
     after the date of the enactment of this Act.
       (2) Increase in exclusion limitation.--The amendments made 
     by subsection (b) shall apply to dispositions of stock after 
     the date of the enactment of this Act.
                                 ______