S.Amdt. 1670

SA 1670. Mr. PERDUE submitted an amendment intended to be proposed to
amendment SA 1618 proposed by Mr. McConnell (for Mr. Hatch (for himself
and Ms. Murkowski)) 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:

Beginning on page 78, strike line 11 and all that follows
through page 79, line 8 and insert the following:
``(h) Special Rules for Sales or Exchanges in Taxable Years
2018 Through 2025.--
``(1) In general.--In applying this section with respect to
sales or exchanges after December 31, 2017, and before
January 1, 2026--
``(A) `6-year' shall be substituted for `5-year' each place
it appears in subsections (a), (b)(5)(C)(ii)(I), and
(c)(1)(B)(i)(I) and paragraphs (7), (9), (10), and (12) of
subsection (d),
``(B) `3 years' shall be substituted for `2 years' each
place it appears in subsections (a), (b)(3), (b)(4),
(b)(5)(C)(ii)(III), and (c)(1)(B)(ii), and
``(C) `3-year' shall be substituted for `2-year' in
subsection (b)(3).
``(2) Exception for binding contracts.--Paragraph (1) shall
not apply to any sale or exchange with respect to which there
was a written binding contract in effect before January 1,
2018, and at all times thereafter before the sale or
exchange.
``(3) Phaseout based on modified adjusted gross income.--In
the case of sales or exchanges after December 31, 2017, and
before January 1, 2026--
``(A) In general.--If the average modified adjusted gross
income of the taxpayer for the taxable year and the 2
preceding taxable years exceeds $250,000 (twice such amount
in the case of a joint return), the amount which would (but
for this subsection) be excluded from gross income under
subsection (a) for such taxable year shall be reduced (but
not below zero) by the amount of such excess.
``(B) Modified adjusted gross income.--For purposes of this
paragraph, the term `modified adjusted gross income' means,
with respect to any taxable year, adjusted gross income
determined after application of this section (but without
regard to subsection (b)(1) and this paragraph).
``(C) Special rule for joint returns.--In the case of a
joint return, the average modified adjusted gross income of
the taxpayer shall be determined without regard to any
taxable year with respect to which the taxpayer did not file
a joint return.''.
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