S.Amdt. 1763

SA 1763. Mr. PAUL 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:

Beginning on page 398, strike line 5 and all that follows
through page 401, line 19 and insert the following:
``(2) Aggregate foreign cash position.--For purposes of
this subsection--
``(A) In general.--The term `aggregate foreign cash
position' means--
``(i) with respect to any United States shareholder, the
sum of each specified foreign corporation's net cash
position, determined as of the close of the last taxable year
of such specified foreign corporation which begins before
January 1, 2018, or
``(ii) one half of the sum of--

``(I) the aggregate described in clause (i) determined as
of the close of the last taxable year of each such specified
foreign corporation which ends before November 9, 2017, plus
``(II) the aggregate described in clause (i) determined as
of the close of the taxable year of each such specified
foreign corporation which precedes the taxable year referred
to in subclause (I).

``(B) Gross cash position.--For purposes of this paragraph,
the cash position of any specified foreign corporation is the
sum of--
``(i) cash and foreign currency held by such foreign
corporation,
``(ii) the gross accounts receivable of such foreign
corporation, plus
``(iii) the fair market value of the following assets held
by such corporation:

``(I) Personal property which is of a type that is actively
traded and for which there is an established financial market
(other than stock in the specified foreign corporation).
``(II) Commercial paper, certificates of deposit, the
securities of the Federal government and of any State or
foreign government.
``(III) Any obligation with a term of less than one year.
``(IV) Any asset which the Secretary identifies as being
economically equivalent to any asset described in this
subparagraph.

``(C) Net cash position.--For purposes of this paragraph,
the net cash position of a specified foreign corporation is
the sum of such corporation's gross cash position and its
gross short cash position.
``(D) Gross short cash position.--For purposes of this
paragraph, the gross short cash position of a specified
foreign corporation is the sum of--
``(i) the gross accounts payable of such corporation,
``(ii) the gross obligations owed by such corporation with
a term of less than 1 year, and
``(iii) gross liabilities of such corporation which consist
of actively traded personal property for which there is an
established securities market.
``(E) Prevention of double counting.--Cash positions of a
specified foreign corporation described in clause (ii) or
(iii)(III) of subparagraph (B) shall not be taken into
account by a United States shareholder under subparagraph (A)
to the extent that such United States shareholder
demonstrates to the satisfaction of the Secretary that such
amount is so taken into account by such United States
shareholder with respect to another specified foreign
corporation.
``(F) Cash positions of certain non-corporate entities
taken into account.--An entity shall be treated as a
specified foreign corporation of a United States shareholder
for purposes of determining such United States shareholder's
aggregate foreign cash position if--
``(i) such entity is a foreign entity which would be a
specified foreign corporation of such United States
shareholder if such entity were a corporation, or

[[Page S7612]]

``(ii) any interest in such entity is held by a specified
foreign corporation of such United States shareholder
(determined after application of clause (i)) and such entity
would be a specified foreign corporation of such United
States shareholder if such entity were a foreign corporation.
``(G) Anti-abuse.--If the Secretary deter-
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