S.Amdt. 1599

SA 1599. Mr. INHOFE (for himself, Mr. Blunt, Mr. Lankford, and Mr.
Cruz) submitted an amendment intended to be proposed by him to the bill
H.R. 1, to provide for reconciliation pursuant to titles II and V of
the concurrent resolution on the budget for fiscal year 2018; which was
ordered to lie on the table; as follows:

On page 185, strike lines 1 through 6, and insert the
following:
``(5) Business interest.--For purposes of this subsection--
``(A) In general.--The term `business interest' means any
interest paid or accrued on indebtedness properly allocable
to a trade or business. Such term shall not include
investment interest (within the meaning of subsection (d)).
``(B) Exception for interest on pre-2018 indebtedness.--
``(i) In general.--Business interest shall not include
interest paid or accrued on indebtedness incurred by the
taxpayer before January 1, 2018.
``(ii) Special rules for refinancing and debt instruments
allowing additional borrowing.--Clause (i) shall not apply
to--

``(I) interest on any indebtedness incurred after December
31, 2017, to refinance indebtedness described in clause (i),
or
``(II) in the case of any debt instrument, credit facility,
or other evidence of indebtedness under which additional
indebtedness may be issued under the same terms, interest on
any indebtedness incurred under such terms after December 31,
2017.

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