S.Amdt. 5346

SA 5346. Mr. LEE 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 in subtitle D of title I, add the
following:

SEC. _____. TAX TREATMENT OF LICENSES FOR THE USE OF THE
ELECTROMAGNETIC SPECTRUM.

(a) In General.--Section 197 of the Internal Revenue Code
of 1986 is amended by redesignating subsection (g) as
subsection (h) and by inserting after subsection (f) the
following new subsection:
``(g) Temporary Special Rule for Licenses for the Use of
the Electromagnetic Spectrum.--
``(1) In general.--At the election of the taxpayer, in the
case of any license, permit, or other right granted by a
governmental unit or an agency or instrumentality thereof
which is purchased at auction--
``(A) subsection (a) shall not apply, and
``(B) such license, permit, or other right shall be treated
as an amount which is not chargeable to capital account and
shall be allowed as a deduction.
``(2) Termination.--This subsection shall not apply to any
property acquired after September 30, 2031.''.
(b) Effective Date.--The amendments made by this section
shall apply to property acquired after the date of the
enactment of this Act.
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