S.Amdt. 1628

SA 1628. Mr. CORNYN (for himself and Mr. Cassidy) 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:

At the end of subpart C of part I of subtitle D, insert the
following:

SEC. 14305. EXTENSION OF CARRYOVER PERIOD FOR FOREIGN TAXES
PAID IN QUALIFIED TAXABLE YEARS WITH OVERALL
DOMESTIC LOSS.

(a) In General.--Section 904(c) is amended--
(1) by striking ``Any amount'' and inserting the following:
``(1) In general.--Any amount'', and
(2) by adding at the end the following new paragraph:
``(2) Extension of carryover period for foreign taxes paid
in qualified taxable years with overall domestic loss.--
``(A) In general.--If a taxpayer had an overall domestic
loss for any qualified taxable year beginning after December
31, 2006, and before January 1, 2018, then, notwithstanding
the 10-year carryover period under paragraph (1), the
taxpayer may carryover any related excess foreign taxes with
respect to such qualified taxable year to any succeeding
taxable year beginning after such period and before January
1, 2028, to the extent such taxes were not deemed paid or
accrued under this subsection in a prior taxable year.
``(B) Related excess foreign taxes.--For purposes of this
paragraph, the term `related excess foreign taxes' means,
with respect to any qualified taxable year described in
paragraph (1), an amount equal to the lesser of--
``(i) the sum of the foreign taxes paid or accrued to
foreign countries or possessions of the United States with
respect to such taxable year, plus the amount of any such
foreign taxes carried to such year under paragraph (1), or
``(ii) the product of--

``(I) the taxpayer's overall domestic loss with respect to
such taxable year, multiplied by
``(II) the proportion determined under subsection (a) for
such taxable year.

For purposes of this subparagraph, foreign oil and gas taxes
(as defined in section 907(b)(2)) shall be taken into account
for a qualified taxable year to the extent that the overall
domestic loss for such taxable year offset combined foreign
oil and gas income (as defined in section 907(b)(1)).
``(C) Definitions.--Any term used in this paragraph which
is also used in subsection (g) shall have the same meaning as
when used in such subsection.''.
(b) Effective Date.--The amendment made by this section
shall apply to carryovers from taxable years beginning before
January 1, 2018, to taxable years beginning after December
31, 2017.
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