S.Amdt. 2501

SA 2501. Mr. PAUL 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:

Strike subsections (c) and (d) of section 70104 and insert
the following:
(c) Inflation Adjustment.--Section 24(i) is amended to read
as follows:
``(i) Inflation Adjustment.--
``(1) Adjustment of credit amount.--In the case of a
taxable year beginning after 2025, the $2,200 amount in
subsection (h)(2) shall be increased by an amount equal to--
``(A) such dollar amount, multiplied by
``(B) the cost-of-living adjustment determined under
section 1(f)(3) for the calendar year in which the taxable
year begins, determined by substituting `2024' for `2016' in
subparagraph (A)(ii) thereof.
``(2) Rounding.--If any increase under this subsection is
not a multiple of $100, such increase shall be rounded to the
next lowest multiple of $100.''.
(d) Elimination of Refundable Credit.--
(1) In general.--Section 24 is amended by striking
subsection (d).
(2) Conforming amendments.--
(A) Section 24(h) is amended by striking paragraphs (5) and
(6).
(B) Section 24(k)(2)(B) is amended by striking ``December
31, 2021'' and all that follows through the period and
inserting ``December 31, 2021, the credit determined under
this section shall be allowable to such resident.''.
(C) Section 45R(f)(3)(B) is amended by inserting ``(as in
effect before the date of the enactment of the One Big
Beautiful Bill Act)'' after ``24(d)(2)(C)''.
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