S.Amdt. 5411

SA 5411. Mr. BARRASSO 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 end of part 1 of subtitle A of title I, add the
following:

SEC. 1010_. ALLOWANCE OF CERTAIN DEDUCTIONS IN DETERMINING
APPLICABLE FINANCIAL STATEMENT INCOME.

(a) In General.--Section 56A(c), as added by section 10101,
is amended by redesignating paragraph (15) as paragraph (16)
and by inserting after paragraph (14) the following new
paragraph:
``(15) Adjustment for the production of oil, coal, and
natural gas and for mining.--
``(A) In general.--Adjusted financial statement income
shall be--
``(i) appropriately adjusted to disregard any amount of
qualified expense that is taken into account on the
taxpayer's applicable financial statement, and
``(ii) reduced by the amount of qualified expenses which
are deductible under this chapter to the extent allowed as a
deduction in computing taxable income for the taxable year.
``(B) Qualified expenses.--For purposes of this paragraph,
the term `qualified expenses' means--
``(i) any intangible drilling and development costs (within
the meaning of section 263(c)),
``(ii) geological and geophysical expenditures (within the
meaning of section 167(h)),
``(iii) qualified tertiary injectant expenses (as defined
in section 193(b)),
``(iv) expenses to which sections 616 and 617 apply, and
``(v) amounts allowable as a depletion deduction under
section 611.''.

SEC. 1010_. PERMANENT EXTENSION OF LIMITATION ON DEDUCTION
FOR STATE AND LOCAL, ETC., TAXES.

(a) In General.--Paragraph (6) of section 164(b) is amended
by striking ``, and before January 1, 2026''.
(b) Effective Date.--The amendment made by this section
shall apply to taxable years beginning after December 31,
2022.
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