S.Amdt. 1677

SA 1677. Mr. LEAHY 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:

At the appropriate place, add the following:

SEC. 1____. LIFETIME LIMITATION ON NONRECOGNITION OF PROPERTY
SOLD TO COMPLY WITH CONFLICT-OF-INTEREST
REQUIREMENTS.

(a) In General.--Section 1043 is amended by adding at the
end the following new subsection:
``(d) Limitation.--The amount of gain to which subsection
(a) applies with respect to any taxpayer for a taxable year
shall not exceed $1,000,000 reduced by the amount of gain to
which subsection (a) applied with respect to such taxpayer
for all preceding taxable years.''.
(b) Effective Date.--The amendment made by this section
shall apply to sales in taxable years beginning after
December 31, 2016.
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