To modify the provision terminating the residential clean energy credit, and for other purposes.

SA 2719. Mr. HICKENLOOPER (for himself, Mr. Kelly, Mr. Booker, Mr.
Welch, Ms. Smith, Ms. Rosen, and Mr. Heinrich) 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 section 70506 and insert the following:

SEC. 70506. TERMINATION OF RESIDENTIAL CLEAN ENERGY CREDIT.

(a) In General.--Section 25D is amended by striking
subsection (h) and inserting the following new subsection:
``(h) Termination.--The credit allowed under this section
shall not apply with respect to any expenditures made after
December 31, 2026.''.
(b) Conforming Amendments.--Section 25D(g) is amended--
(1) in paragraph (2), by inserting ``and'' after the comma
at the end,
(2) in paragraph (3), by striking ``and before January 1,
2033, 30 percent,'' and inserting ``30 percent.'', and
(3) by striking paragraphs (4) and (5).
(c) 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)--

[[Page S4111]]

``(i) the excess of taxable income over $100,000,000
($50,000,000 in the case of married individuals filing
separate returns), if any, shall be taxed at a rate of 39.6
percent, and
``(ii) paragraph (3)(B)(i) shall be applied with respect to
each of such dollar amounts 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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