S.Amdt. 5290

SA 5290. Mrs. BLACKBURN submitted an amendment intended to be
proposed to amendment SA 5194 proposed by Mr. Schumer to the bill H.R.
5376, to provide for reconciliation pursuant to title II of S. Con.
Res. 14; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. _____. EXEMPTION OF GRANTS FROM TAXATION.

(a) In General.--Section 421 of the Coronavirus Economic
Relief for Transportation Services Act (15 U.S.C. 9111) is
amended by adding at the end the following new subsection:
``(g) Tax Treatment.--For purposes of the Internal Revenue
Code of 1986--
``(1) no amount shall be included in the gross income of
the eligible provider of transportation services by reason of
a grant under this section,
``(2) no deduction shall be denied, no tax attribute shall
be reduced, and no basis increase shall be denied, by reason
of the exclusion from gross income provided by paragraph (1),
and
``(3) in the case of an eligible provider of transportation
services which is a partnership or S corporation--
``(A) any amount excluded from income by reason of
paragraph (1) shall be treated as tax exempt income for
purposes of sections 705 and 1366 of such Code, and
``(B) except as provided by the Secretary of the Treasury
(or the Secretary's delegate), any increase in the adjusted
basis of a partner's interest in a partnership under section
705 of such Code with respect to any amount described in
subparagraph (A) shall equal the partner's distributive share
of deductions resulting from costs described in subsection
(d) which are paid using a grant under this section.''.
(b) Effective Date.--The amendment made by this section
shall apply to taxable years ending after the date of the
enactment of the Coronavirus Economic Relief for
Transportation Services Act.
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