S.Amdt. 2511

Mr. Whitehouse submitted amendment SA 2511 to be proposed to another amendment on the bill H.R. 1.

The purpose of this amendment is to repeal specific provisions related to international tax and Medicaid from the Act, and to make it so the Internal Revenue Code of 1986 and the Social Security Act are applied as if those specific provisions had never been enacted.

• The international tax changes being repealed include rules for allocation of certain deductions to foreign source net CFC tested income, modifications to the deemed paid credit, sourcing income from the sale of inventory produced in the U.S., modifications to deductions for foreign-derived deduction eligible income and net CFC tested income, extension and modification of the base erosion minimum tax amount, permanent extension of the look-thru rule for controlled foreign corporations, and restoration of the limitation on downward attribution of stock ownership.

• The Medicaid changes being repealed include reducing duplicate enrollment under Medicaid and CHIP, eligibility redetermination, limiting retroactive coverage, sunsetting the increased FMAP incentive, and modifying cost sharing requirements for certain expansion individuals under Medicaid.