S.Amdt. 2532

SA 2532. Mr. KELLY 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 sections 70522 and 70523 and insert the following:

SEC. 70522. RESTRICTIONS ON CARBON OXIDE SEQUESTRATION
CREDIT.

(a) Restrictions Relating to Prohibited Foreign Entities.--
Section 45Q(f) is amended by adding at the end the following
new paragraph:
``(10) Restrictions relating to prohibited foreign
entities.--No credit shall be determined under subsection (a)
for any taxable year beginning after the date of enactment of
this paragraph if the taxpayer is--
``(A) a specified foreign entity (as defined in section
7701(a)(51)(B)), or
``(B) a foreign-influenced entity (as defined in section
7701(a)(51)(D), determined without regard to clause (i)(II)
thereof).''.
(b) Effective Dates.--The amendment made by subsection (a)
shall apply to taxable years beginning after the date of
enactment of this Act.
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