S.Amdt. 2467

SA 2467. Mr. SCHIFF 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 chapter 5 of subtitle A of
title VII, insert the following:

SEC. 705___. ELIMINATING RESTRICTIONS RELATING TO WIND AND
SOLAR FACILITIES.

(a) Clean Electricity Production Credit.--Section 45Y, as
amended by subsections (a) and (d) of section 70512 of this
Act, is amended--
(1) in subsection (d), by striking paragraph (4), and
(2) by striking subsection (h).
(b) Clean Electricity Investment Credit.--Section 48E(e),
as amended by subsections (a) and (c)(1) of section 70513 of
this Act, is amended--
(1) in subsection (e), by striking paragraph (4), and
(2) by striking subsection (i).
(c) Geothermal Heat Pumps.--Section 50, as amended by
section 70513(c)(2) of this Act, is amended by striking
subsection (e).
(d) Advanced Manufacturing Production Credit.--Section
45X(b)(3), as amended by section 70514(b) of this Act, is
amended by striking subparagraph (D).
(e) Excise Tax on Certain Facilities.--Subtitle D, as
amended by section 70512(l) of this Act, is amended by
striking section 5000E-1.
(f) Establishment of 39.6 Percent Individual Income Tax
Rate Bracket.--
(1) In general.--Section 1(j)(2) is amended by
redesignating subparagraph (F) as subparagraph (G) and by
inserting after subparagraph (E) the following new
subparagraph:
``(F) 39.6 percent rate bracket.--Notwithstanding
subparagraphs (A) through (E), in prescribing the tables
under this subsection for purposes of paragraph (3)(B)--
``(i) the excess of taxable income over $10,000,000, if
any, shall be taxed at a rate of 39.6 percent, and
``(ii) paragraph (3)(B)(i) shall be applied with respect to
such $10,000,000 amount by substituting `2024' for `2017'.''.
(2) Effective date.--The amendments made by this subsection
shall apply to taxable years beginning after December 31,
2025.
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