S.Amdt. 420

SA 420. Mr. LANKFORD submitted an amendment intended to be proposed
by him to the concurrent resolution S. Con. Res. 5, setting forth the
congressional budget for the United States Government for fiscal year
2021 and setting forth the appropriate budgetary levels for fiscal
years 2022 through 2030; which was ordered to lie on the table; as
follows:

At the end of title III, add the following:

SEC. 3___. DEFICIT-NEUTRAL RESERVE FUND RELATING TO
PREVENTING EXPANSION OF STATE AND LOCAL TAX
DEDUCTION IF MAJORITY OF BENEFIT GOES TO
CERTAIN TAXPAYERS.

The Chairman of the Committee on the Budget of the Senate
may revise the allocations of a committee or committees,
aggregates, and other appropriate levels in this resolution,
and make adjustments to the pay-as-you-go ledger, for one or
more bills, joint resolutions, amendments, amendments between
the Houses, motions, or conference reports relating to
changes in Federal tax laws, which may include preventing any
increase or elimination of the limitation on the State and
local tax deduction for any taxpayer if taxpayers in the top
1 percent of adjusted gross income would receive more than 50
percent of the overall tax benefit of such increase or
elimination through reduced Federal tax liability (as
determined by the Joint Committee on Taxation based upon the
most recent data available from the Department of the
Treasury), by the amounts provided in such legislation for
those purposes, provided that such legislation would not
increase the deficit over either the period of the total of
fiscal years 2021 through 2025 or the period of the total of
fiscal years 2021 through 2030.
______