S.Amdt. 1627

SA 1627. Mr. CORNYN (for himself, Mr. Inhofe, and Mr. Roberts)
submitted an amendment intended to be proposed to amendment SA 1618
submitted by Mr. Hatch (for himself and Ms. Murkowski) and intended to
be proposed 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:

In section 11011, after subsection (a), insert the
following:
(b) Application to Publicly Traded Partnerships.--
(1) In general.--Section 199A(b)(1)(B), as added by
subsection (a), is amended by striking ``and qualified
cooperative dividends'' and inserting ``, qualified
cooperative dividends, and qualified publicly traded
partnership income''.
(2) Qualified publicly traded partnership income.--Section
199A(e), as added by subsection (a), is amended by adding at
the end the following new paragraph:
``(5) Qualified publicly traded partnership income.--The
term `qualified publicly traded partnership income' means,
with respect to any taxpayer, the sum of--

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``(A) the net amount of such taxpayer's allocable share of
each qualified item of income, gain, deduction, and loss (as
defined in subsection (c)(3) and determined after the
application of subsection (c)(4)) from a publicly traded
partnership (as defined in section 7704(a)) which is not
treated as a corporation under section 7704(c), plus
``(B) any gain recognized by such taxpayer upon disposition
of its interest in such partnership to the extent such gain
is treated as an amount realized from the sale or exchange of
property other than a capital asset under section 751(a).''.
(3) Conforming amendment.--Section 199A(c)(1), as added by
subsection (a), is amended by adding at the end the following
new sentence: ``Such term shall not include any qualified
publicly traded partnership income.''.
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