S.Amdt. 2592

SA 2592. Mr. SCOTT of Florida submitted an amendment intended to be
proposed to amendment SA 2499 proposed by Mr. McConnell to the bill S.
178, to condemn gross human rights violations of ethnic Turkic Muslims
in Xinjiang, and calling for an end to arbitrary detention, torture,
and harassment of these communities inside and outside China; which was
ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. ___. EXPANSION OF EXCLUSION FOR GAIN FROM CERTAIN SMALL
BUSINESS STOCK.

(a) Application to Corporations.--Section 1202(a) of the
Internal Revenue Code of 1986 is amended by striking ``In the
case of a taxpayer other than corporation, gross income'' and
inserting ``Gross income''.
(b) Increase in Exclusion Limitation.--
(1) In general.--Section 1202(b)(1)(A) of the Internal
Revenue Code of 1986 is amended by striking ``$10,000,000''
and inserting ``$20,000,000''.
(2) Conforming amendment.--Section 1202(b)(3)(A) of such
Code is amended by striking ``substituting `$5,000,000' for
`$10,000,000' '' and inserting ``substituting `$10,000,000'
for `$20,000,000' ''.
(c) Increase in Qualified Business Asset Limitations.--
Section 1202(d)(1) of the Internal Revenue Code of 1986 is
amended by striking ``$50,000,000'' each place it appears in
subparagraphs (A) and (B) and inserting ``$100,000,000''.
(d) Expansion of Permissible Trades or Businesses.--Section
1202(e)(3) of the Internal Revenue Code of 1986 is amended--
(1) by redesignating subparagraphs (A) through (E) as
clauses (i) through (v), respectively and by moving such
clauses 2 ems to the right, and
(2) by striking ``means any trade or business other than--
'' and inserting ``means--
``(A) in the case of stock acquired after the date of the
enactment of the Coronavirus Relief Fair Unemployment
Compensation Act of 2020, any trade or business, and
``(B) in the case of stock acquired on or before such date,
any trade or business other than--''.
(e) Effective Date.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall apply to stock acquired
after the date of the enactment of this Act.
(2) Increase in exclusion limitation.--The amendments made
by subsection (b) shall apply to dispositions of stock after
the date of the enactment of this Act.
______