S.Amdt. 1753

SA 1753. Mr. JOHNSON 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 end of part V of subtitle A of title I, insert the
following:

SEC. 11052. ADJUSTMENT OF CORPORATE TAX RATE AND RATE OF
DEDUCTION FOR PASS-THRU ENTITIES.

(a) Adjustment of Corporate Tax Rate.--
(1) Increase in rate.--Subsection (b) of section 11, as
amended by section 13001 of this Act, is amended by striking
``20 percent'' and inserting ``22 percent''.
(2) Advanced application of reduced corporate tax rate.--
(A) Section 13001(c) of this Act is amended by striking
``December 31, 2018'' each place it appears and inserting
``December 31, 2017''.
(B) Section 13002(f) of this Act is amended by striking
``December 31, 2018'' each place it appears and inserting
``December 31, 2017''.
(b) Increase in Rate for Deduction for Qualified Business
Income of Pass-thru Entities.--
(1) In general.--Section 199A of the Internal Revenue Code
of 1986, as added by section 11011 of this Act, is amended--
(A) in paragraph (2) of subsection (a), by striking ``17.4
percent'' and inserting ``the applicable percentage (as
determined under subsection (g))'', and
(B) in paragraphs (1)(B) and (2)(A) of subsection (b), by
striking ``17.4 percent'' each place it appears and inserting
``the applicable percentage (as determined under subsection
(g))''.
(2) Applicable percentage.--Section 199A of the Internal
Revenue Code of 1986, as added by section 11011 of this Act,
is amended--
(A) by redesignating subsection (g) as subsection (h), and
(B) by inserting after subsection (f) the following new
subsection:
``(g) Applicable Percentage.--
``(1) In general.--For purposes of this section, the
applicable percentage shall be equal to the sum of 17.4
percent plus the additional percentage (as determined under
paragraph (2)).
``(2) Additional percentage.--The additional percentage
shall be the amount (expressed as a percentage) which is
determined by the Secretary to permit an increase in the
deduction allowed under this section in an amount equal to
the increase in revenue resulting from the amendments made by
subsection (a) of section 11052 of the Tax Cuts and Jobs
Act.''.
(3) Effective date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2017.
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