[Congressional Record Volume 168, Number 133 (Saturday, August 6, 2022)]
[Senate]
[Page S4349]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 5472. Mr. THUNE 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 9 of subtitle D of title I, insert the 
     following:

     SEC. 13904. REMOVAL OF HARMFUL SMALL BUSINESS TAXES; 
                   EXTENSION OF LIMITATION ON DEDUCTION FOR STATE 
                   AND LOCAL, ETC., TAXES.

       (a) Removal of Harmful Small Business Taxes.--Subparagraph 
     (D) of section 59(k)(1), as added by section 10101, is 
     amended to read as follows:
       ``(D) Special rules for determining applicable corporation 
     status.--Solely for purposes of determining whether a 
     corporation is an applicable corporation under this 
     paragraph, all adjusted financial statement income of persons 
     treated as a single employer with such corporation under 
     subsection (a) or (b) of section 52 shall be treated as 
     adjusted financial statement income of such corporation, and 
     adjusted financial statement income of such corporation shall 
     be determined without regard to paragraphs (2)(D)(i) and (11) 
     of section 56A(c).''.
       (b) Extension of Limitation on Deduction for State and 
     Local, etc., Taxes.--
       (1) In general.--Section 164(b)(6) is amended--
       (A) in the heading, by striking ``2025'' and inserting 
     ``2026'', and
       (B) by striking ``2026'' and inserting ``2027''.
       (2) Effective date.--The amendments made by this subsection 
     shall apply to taxable years beginning after December 31, 
     2022.
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