To repeal amendments that terminate certain clean energy credits, and for other purposes.

SA 2564. Mrs. SHAHEEN (for herself, Mr. Welch, Mr. Hickenlooper, Mr.
Bennet, Mr. Gallego, Mr. Heinrich, Mr. Kelly, and Mr. Booker) 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, insert the following:

CHAPTER 7--ADDITIONAL TAX PROVISIONS

SEC. 70701. REPEAL OF TERMINATION OF CERTAIN CLEAN ENERGY
CREDITS.

The amendments made by sections 70505, 70506, 70507, and
70508 are repealed and the Internal Revenue Code of 1986
shall be applied as if such amendments had not been enacted.

SEC. 70702. ESTABLISHMENT OF 39.6 PERCENT INDIVIDUAL INCOME
TAX RATE BRACKET.

(a) 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'.''.
(b) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2025.
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