[Congressional Record Volume 167, Number 20 (Wednesday, February 3, 2021)]
[Senate]
[Page S388]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 420. Mr. LANKFORD submitted an amendment intended to be proposed 
by him to the concurrent resolution S. Con. Res. 5, setting forth the 
congressional budget for the United States Government for fiscal year 
2021 and setting forth the appropriate budgetary levels for fiscal 
years 2022 through 2030; which was ordered to lie on the table; as 
follows:

       At the end of title III, add the following:

     SEC. 3___. DEFICIT-NEUTRAL RESERVE FUND RELATING TO 
                   PREVENTING EXPANSION OF STATE AND LOCAL TAX 
                   DEDUCTION IF MAJORITY OF BENEFIT GOES TO 
                   CERTAIN TAXPAYERS.

       The Chairman of the Committee on the Budget of the Senate 
     may revise the allocations of a committee or committees, 
     aggregates, and other appropriate levels in this resolution, 
     and make adjustments to the pay-as-you-go ledger, for one or 
     more bills, joint resolutions, amendments, amendments between 
     the Houses, motions, or conference reports relating to 
     changes in Federal tax laws, which may include preventing any 
     increase or elimination of the limitation on the State and 
     local tax deduction for any taxpayer if taxpayers in the top 
     1 percent of adjusted gross income would receive more than 50 
     percent of the overall tax benefit of such increase or 
     elimination through reduced Federal tax liability (as 
     determined by the Joint Committee on Taxation based upon the 
     most recent data available from the Department of the 
     Treasury), by the amounts provided in such legislation for 
     those purposes, provided that such legislation would not 
     increase the deficit over either the period of the total of 
     fiscal years 2021 through 2025 or the period of the total of 
     fiscal years 2021 through 2030.
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