S.Amdt. 2643

SA 2643. Mr. BENNET (for himself, Mr. Warnock, Mr. Kelly, Mr.
Hickenlooper, Ms. Cortez Masto, Ms. Rosen, and Mr. Gallego) 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 70514 and 70515 and insert the following:

SEC. 70514. RESTRICTIONS ON ADVANCED MANUFACTURING PRODUCTION
CREDIT.

(a) Restrictions Relating to Prohibited Foreign Entities.--
Section 45X is amended--
(1) in subsection (c)(1), by adding at the end the
following new subparagraph:
``(C) Material assistance from prohibited foreign
entities.--In the case of taxable years beginning after the
date of enactment of this subparagraph, the term `eligible
component' shall not include any property which includes any
material assistance from a prohibited foreign entity (as
defined in section 7701(a)(52)).'', and
(2) in subsection (d), by adding at the end the following
new paragraph:
``(5) 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 prohibited foreign entity
(as defined in section 7701(a)(51)(A)).''.
(b) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after the date of
enactment of this Act.

[[Page S4029]]

SEC. 70515. 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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