S.Amdt. 5741

SA 5741. Mr. SCHIFF submitted an amendment intended to be proposed by
him to the bill S. 2, to provide for reconciliation pursuant to title
II of S. Con. Res. 33.; which was ordered to lie on the table; as
follows:

At the appropriate place, insert the following:

SEC. ___. RULES RELATED TO AGREEMENTS WITH THE PRESIDENT.

(a) Finality of Closing Agreements.--Section 7121 of the
Internal Revenue Code of 1986 is amended by adding at the end
the following new subsection:
``(c) Special Rule.--Paragraphs (1) and (2) of subsection
(b) shall not apply to any agreement with the President or
related or

[[Page S2618]]

affiliated individuals (including family or others filing
jointly) or parties (including trusts, parent, sister, or
related companies, affiliates, and subsidiaries) until the
date that is 1 year after the conclusion of the President's
term of office.''.
(b) Extension of Statute of Limitations.--Section 6501(c)
of the Internal Revenue Code of 1986 is amended by adding at
the end the following new paragraph:
``(13) Returns of the president subject to closing
agreements.--
``(A) In general.--In the case of any return of tax
described in subparagraph (B), the period for assessment, or
for bringing a proceeding in court for collection of such tax
, may be begun at any time before the later of--
``(i) the date that is 3 years after the conclusion of the
term in office as President of the individual described in
subparagraph (B)(i), or
``(ii) the date otherwise provided in this section.
``(B) Return of tax described.--A return of tax is
described in this subparagraph if such return--
``(i) is a return of tax of an individual--

``(I) who is or was President, or
``(II) who is a related or affiliated individual (including
family or others filing jointly) or party (including trusts,
parent, sister, or related companies, affiliates, and
subsidiaries) with respect to the individual described in
subclause (I), and

``(ii) is subject to an agreement described in section 7121
that was entered into during the period the individual
described in clause (i)(I) was President.''.
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