S.Amdt. 1756

SA 1756. Mr. CASSIDY (for himself, Mr. Cornyn, Mr. Roberts, and Mr.
Heller) submitted an amendment intended to be proposed by him 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 subpart C of part I of subtitle D, insert the
following:

[[Page S7611]]

SEC. 14305. ELECTION TO INCREASE PERCENTAGE OF DOMESTIC
TAXABLE INCOME OFFSET BY OVERALL DOMESTIC LOSS
TREATED AS FOREIGN SOURCE.

(a) In General.--Section 904(g) is amended by adding at the
end the following new paragraph:
``(5) Election to increase percentage of taxable income
treated as foreign source.--
``(A) In general.--If any pre-2018 unused overall domestic
loss is taken into account under paragraph (1) for any
applicable taxable year, the taxpayer may elect to have such
paragraph applied to such loss by substituting a percentage
greater than 50 percent (but not greater than 100 percent)
for 50 percent in subparagraph (B) thereof.
``(B) Pre-2018 unused overall domestic loss.--For purposes
of this paragraph, the term `pre-2018 unused overall domestic
loss' means any overall domestic loss which--
``(i) arises in a qualified taxable year beginning before
January 1, 2018, and
``(ii) has not been used under paragraph (1) for any
taxable year beginning before such date.
``(C) Applicable taxable year.--For purposes of this
paragraph, the term `applicable taxable year' means any
taxable year of the taxpayer beginning after December 31,
2017, and before January 1, 2028.''.
(b) Effective Date.--The amendment made by this section
shall apply to taxable years beginning after December 31,
2017.
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