S.Amdt. 2429

SA 2429. Ms. ROSEN submitted an amendment intended to be proposed to
amendment SA 2360 proposed by Mr. Thune (for Mr. Graham) to the bill
H.R. 1, to provide for reconciliation pursuant to title II of H. Con.
Res. 14; which was ordered to lie on the table; as follows:

At the appropriate place in title VII, insert the
following:

SEC. _____. EXPANSION OF LOW-INCOME HOUSE TAX CREDIT.

(a) Inclusion of Rural Areas as Difficult Development Areas
for Purposes of Certain Buildings.--
(1) In general.--Section 42(d)(5)(B)(iii)(I) is amended by
inserting before the period the following: ``, and, in the
case of buildings placed in service after December 31, 2025,
any rural area''.
(2) Rural area.--Section 42(d)(5)(B)(iii) is amended by
redesignating subclause (II) as subclause (III) and by
inserting after subclause (I) the following new subclause:

``(II) Rural area.--For purposes of subclause (I), the term
`rural area' means any rural area (as defined by section 520
of the Housing Act of 1949) and any non-metropolitan area.''.

(3) Effective date.--The amendments made by this subsection
shall apply to buildings placed in service after December 31,
2025.
(b) Increase in Corporate Tax Rate.--
(1) In general.--Section 11(b) is amended to read as
follows:
``(b) Amount of Tax.--The amount of the tax imposed by
subsection (a) shall be the sum of--
``(1) 21 percent of so much of the taxable income as does
not exceed $100,000,000, and
``(2) 28 percent of so much of the taxable income as
exceeds $100,000,000.''.
(2) Effective date.--The amendment made by this subsection
shall apply to taxable years beginning after December 31,
2025.
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