[Congressional Record Volume 168, Number 133 (Saturday, August 6, 2022)]
[Senate]
[Page S4323]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 5346. Mr. LEE 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 in subtitle D of title I, add the 
     following:

     SEC. _____. TAX TREATMENT OF LICENSES FOR THE USE OF THE 
                   ELECTROMAGNETIC SPECTRUM.

       (a) In General.--Section 197 of the Internal Revenue Code 
     of 1986 is amended by redesignating subsection (g) as 
     subsection (h) and by inserting after subsection (f) the 
     following new subsection:
       ``(g) Temporary Special Rule for Licenses for the Use of 
     the Electromagnetic Spectrum.--
       ``(1) In general.--At the election of the taxpayer, in the 
     case of any license, permit, or other right granted by a 
     governmental unit or an agency or instrumentality thereof 
     which is purchased at auction--
       ``(A) subsection (a) shall not apply, and
       ``(B) such license, permit, or other right shall be treated 
     as an amount which is not chargeable to capital account and 
     shall be allowed as a deduction.
       ``(2) Termination.--This subsection shall not apply to any 
     property acquired after September 30, 2031.''.
       (b) Effective Date.--The amendments made by this section 
     shall apply to property acquired after the date of the 
     enactment of this Act.
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