[Congressional Record Volume 168, Number 133 (Saturday, August 6, 2022)]
[Senate]
[Page S4337]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 5411. Mr. BARRASSO 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 end of part 1 of subtitle A of title I, add the 
     following:

     SEC. 1010_. ALLOWANCE OF CERTAIN DEDUCTIONS IN DETERMINING 
                   APPLICABLE FINANCIAL STATEMENT INCOME.

       (a) In General.--Section 56A(c), as added by section 10101, 
     is amended by redesignating paragraph (15) as paragraph (16) 
     and by inserting after paragraph (14) the following new 
     paragraph:
       ``(15) Adjustment for the production of oil, coal, and 
     natural gas and for mining.--
       ``(A) In general.--Adjusted financial statement income 
     shall be--
       ``(i) appropriately adjusted to disregard any amount of 
     qualified expense that is taken into account on the 
     taxpayer's applicable financial statement, and
       ``(ii) reduced by the amount of qualified expenses which 
     are deductible under this chapter to the extent allowed as a 
     deduction in computing taxable income for the taxable year.
       ``(B) Qualified expenses.--For purposes of this paragraph, 
     the term `qualified expenses' means--
       ``(i) any intangible drilling and development costs (within 
     the meaning of section 263(c)),
       ``(ii) geological and geophysical expenditures (within the 
     meaning of section 167(h)),
       ``(iii) qualified tertiary injectant expenses (as defined 
     in section 193(b)),
       ``(iv) expenses to which sections 616 and 617 apply, and
       ``(v) amounts allowable as a depletion deduction under 
     section 611.''.

     SEC. 1010_. PERMANENT EXTENSION OF LIMITATION ON DEDUCTION 
                   FOR STATE AND LOCAL, ETC., TAXES.

       (a) In General.--Paragraph (6) of section 164(b) is amended 
     by striking ``, and before January 1, 2026''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to taxable years beginning after December 31, 
     2022.
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