S.Amdt. 1671

SA 1671. Mr. BLUNT 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:

On page __, line ___, strike ``(6) Regulations.--'' and
insert:
``(6) Transition rules for existing indebtedness and
loans.--
``(A) Limitation not to apply.--The limitation under
paragraph (1) shall not apply to interest paid or accrued by
a domestic corporation on pre-November 10, 2017 indebtedness.

[[Page S7575]]

``(B) Net interest expense.--In computing the net interest
expense of a taxpayer for any taxable year, there shall not
be taken into account--
``(i) any interest paid or accrued by the taxpayer to which
subparagraph (A) applies, or
``(ii) any interest on loans made by the taxpayer before
November 10, 2017, which is includible in the gross income of
such taxpayer for such taxable year.
``(C) Pre-november 10, 2017 indebtedness.--For purposes of
subparagraph (A), the term `pre-November 10, 2017
indebtedness' means any indebtedness issued before November
10, 2017. If any such indebtedness is significantly modified
after November 9, 2017, such indebtedness shall not be
treated as pre-November 10, 2017 indebtedness with respect to
any interest paid or accrued on or after the date such
modification takes effect.
``(7) Regulations.--
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