S.Amdt. 1835

SA 1835. Mr. GRASSLEY (for himself, Mr. Portman, Mr. Heller, Mr.
Roberts, and Mr. Thune) 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 481, strike lines 14 through 19, and insert the
following:
(c) Rules Relating to Credits.--
(1) Disallowance of credits against base erosion tax.--
Paragraph (2) of section 26(b) is amended by inserting after
subparagraph (A) the following new subparagraph:
``(B) section 59A (relating to base erosion and anti-abuse
tax),''.
(2) Allowance of unused business credits.--Section 39(a) is
amended by adding at the end the following new paragraph:
``(5) Increase in current year credit for unused credits
arising from base erosion tax.--
``(A) In general.--If a taxpayer--
``(i) is not an applicable taxpayer for the taxable year,
but
``(ii) was an applicable taxpayer during any of the 5
preceding taxable years,
then the taxpayer's current year business credit for the
taxable year shall be increased by the unused base erosion
credit amount for the taxable year.
``(B) Unused base erosion credit amount.--For purposes of
this paragraph, the term `unused base erosion credit amount'
means, with respect to any taxable year, the excess (if any)
of--
``(i) the sum of the amounts determined under subparagraph
(C) for any of the 5 preceding years in which the taxpayer
was an applicable taxpayer, over
``(ii) any portion of the amount described in clause (i)
taken into account under subparagraph (A) for any preceding
taxable year.
``(C) Determination of unused amount.--The amount
determined under this subparagraph for any taxable year
described in subparagraph (B)(i) shall be the excess (if any)
of--
``(i) the taxpayer's base erosion minimum tax amount for
the taxable year without regard to this section, over
``(ii) the taxpayer's base erosion minimum tax amount for
the taxable year which would have been determined if section
59A(b)(1)(B) had been applied by taking into account under
clause (ii) thereof the total credit allowed under section 38
for the taxable year rather than only the portion properly
allocable to the research credit determined under section
41(a).
``(D) Applicable taxpayer.--For purposes of this paragraph,
the term `applicable taxpayer' has the meaning given such
term by section 59A(e).''.
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