[Congressional Record Volume 168, Number 133 (Saturday, August 6, 2022)]
[Senate]
[Page S4295]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 5290. Mrs. BLACKBURN submitted an amendment intended to be 
proposed to amendment SA 5194 proposed by Mr. Schumer to the bill H.R. 
5376, to provide for reconciliation pursuant to title II of S. Con. 
Res. 14; which was ordered to lie on the table; as follows:

        At the appropriate place, insert the following:

     SEC. _____. EXEMPTION OF GRANTS FROM TAXATION.

       (a) In General.--Section 421 of the Coronavirus Economic 
     Relief for Transportation Services Act (15 U.S.C. 9111) is 
     amended by adding at the end the following new subsection:
       ``(g) Tax Treatment.--For purposes of the Internal Revenue 
     Code of 1986--
       ``(1) no amount shall be included in the gross income of 
     the eligible provider of transportation services by reason of 
     a grant under this section,
       ``(2) no deduction shall be denied, no tax attribute shall 
     be reduced, and no basis increase shall be denied, by reason 
     of the exclusion from gross income provided by paragraph (1), 
     and
       ``(3) in the case of an eligible provider of transportation 
     services which is a partnership or S corporation--
       ``(A) any amount excluded from income by reason of 
     paragraph (1) shall be treated as tax exempt income for 
     purposes of sections 705 and 1366 of such Code, and
       ``(B) except as provided by the Secretary of the Treasury 
     (or the Secretary's delegate), any increase in the adjusted 
     basis of a partner's interest in a partnership under section 
     705 of such Code with respect to any amount described in 
     subparagraph (A) shall equal the partner's distributive share 
     of deductions resulting from costs described in subsection 
     (d) which are paid using a grant under this section.''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to taxable years ending after the date of the 
     enactment of the Coronavirus Economic Relief for 
     Transportation Services Act.
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