S.Amdt. 1751

SA 1751. Mr. ISAKSON (for himself and 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:

On page 401, after line 24, insert the following:
``(G) Transition rule for certain acquisition cash.--
``(i) In general.--In determining the aggregate foreign
cash position of a United States shareholder for any taxable
year for purposes of applying subparagraph (A)(ii), there
shall not be taken into account any amount described in
subparagraph (B) which was used by a specified foreign
corporation to purchase during the period beginning on
January 1, 2016, and ending November 9, 2017, stock or assets
constituting substantially all of the assets of a trade or
business from a person which was not a related person (as
defined in section 954(d)(3)) with respect to the
corporation.
``(ii) Exception for subsequent cash resale.--Clause (i)
shall not apply if, during the 5-year period beginning on
November 10, 2017, the specified foreign corporation sells
the acquired stock or substantially all of the acquired
assets for amounts described in subparagraph (B) to a person
which is not a related person (as defined in section
954(d)(3)) with respect to the corporation.
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