[Congressional Record Volume 168, Number 133 (Saturday, August 6, 2022)]
[Senate]
[Pages S4323-S4324]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 5350. Mr. TOOMEY submitted an amendment intended to be proposed to 
amendment SA 5194 proposed by Mr. Schumer to the bill H.R. 5376, to 
provide for reconciliation pursuant to title II of S. Con. Res. 14; 
which was ordered to lie on the table; as follows:

       Title I is amended by striking subtitles C and D and 
     inserting the following:

                      Subtitle C--Other Provisions

                      PART 1--PERMANENT EXPENSING

     SEC. 12101. PERMANENT FULL EXPENSING FOR QUALIFIED PROPERTY.

       (a) In General.--Paragraph (6) of section 168(k) is amended 
     to read as follows:
       ``(6) Applicable percentage.--For purposes of this 
     subsection, the term `applicable percentage' means, in the 
     case of property placed in service (or, in the case of a 
     specified plant described in paragraph (5), a plant which is 
     planted or grafted) after September 27, 2017, 100 percent.''.
       (b) Conforming Amendments.--
       (1) Section 168(k) is amended--
       (A) in paragraph (2)--
       (i) in subparagraph (A)--

       (I) in clause (i)(V), by inserting ``and'' at the end,
       (II) in clause (ii), by striking ``clause (ii) of 
     subparagraph (E), and'' and inserting ``clause (i) of 
     subparagraph (E).'', and
       (III) by striking clause (iii),

       (ii) in subparagraph (B)--

       (I) in clause (i)--

       (aa) by striking subclauses (II) and (III), and
       (bb) by redesignating subclauses (IV) through (VI) as 
     subclauses (II) through (IV), respectively,

       (II) by striking clause (ii), and
       (III) by redesignating clauses (iii) and (iv) as clauses 
     (ii) and (iii), respectively,

       (iii) in subparagraph (C)--

       (I) in clause (i), by striking ``and subclauses (II) and 
     (III) of subparagraph (B)(i)'', and
       (II) in clause (ii), by striking ``subparagraph (B)(iii)'' 
     and inserting ``subparagraph (B)(ii)'', and

       (iv) in subparagraph (E)--

       (I) by striking clause (i), and
       (II) by redesignating clauses (ii) and (iii) as clauses (i) 
     and (ii), respectively, and

       (B) in paragraph (5)(A), by striking ``planted before 
     January 1, 2027, or is grafted before such date to a plant 
     that has already been planted,'' and inserting ``planted or 
     grafted''.
       (2) Section 460(c)(6)(B) of such Code is amended by 
     striking ``which'' and all that follows through the period 
     and inserting ``which has a recovery period of 7 years or 
     less.''.
       (c) Effective Date.--The amendments made by this section 
     shall take effect as if included in section 13201 of Public 
     Law 115-97.

                           PART 2--SUPERFUND

     SEC. 12201. REINSTATEMENT OF SUPERFUND.

       (a)  Hazardous Substance Superfund Financing Rate.--
       (1) Extension.--Section 4611 is amended by striking 
     subsection (e).
       (2) Adjustment for inflation.--
       (A) Section 4611(c)(2)(A) is amended by striking ``9.7 
     cents'' and inserting ``16.4 cents''.
       (B) Section 4611(c) is amended by adding at the end the 
     following:
       ``(3) Adjustment for inflation.--
       ``(A) In general.--In the case of a year beginning after 
     2023, the amount in paragraph (2)(A) shall be increased by an 
     amount equal to--
       ``(i) such amount, multiplied by
       ``(ii) the cost-of-living adjustment determined under 
     section 1(f)(3) for the calendar year, determined by 
     substituting `calendar year 2022' for `calendar year 2016' in 
     subparagraph (A)(ii) thereof.
       ``(B) Rounding.--If any amount as adjusted under 
     subparagraph (A) is not a multiple of $0.01, such amount 
     shall be rounded to the next lowest multiple of $0.01.''.
       (b) Authority for Advances.--Section 9507(d)(3)(B) is 
     amended by striking ``December 31, 1995'' and inserting 
     ``December 31, 2032''.
       (c) Effective Date.--The amendments made by this section 
     shall take effect on January 1, 2023.

                        PART 3--OTHER PROVISIONS

     SEC. 12301. PERMANENT EXTENSION OF TAX RATE TO FUND BLACK 
                   LUNG DISABILITY TRUST FUND.

       (a) In General.--Section 4121 is amended by striking 
     subsection (e).
       (b) Effective Date.--The amendment made by this section 
     shall apply to sales in calendar quarters beginning after the 
     date of the enactment of this Act.

     SEC. 12302. INCREASE IN RESEARCH CREDIT AGAINST PAYROLL TAX 
                   FOR SMALL BUSINESSES.

       (a) In General.--Clause (i) of section 41(h)(4)(B) is 
     amended--
       (1) by striking ``Amount.--The amount'' and inserting 
     ``Amount.--

       ``(I) In general.--The amount'', and

[[Page S4324]]

       (2) by adding at the end the following new subclause:

       ``(II) Increase.--In the case of taxable years beginning 
     after December 31, 2022, the amount in subclause (I) shall be 
     increased by $250,000.''.

       (b) Allowance of Credit.--
       (1) In general.--Paragraph (1) of section 3111(f) is 
     amended--
       (A) by striking ``for a taxable year, there shall be 
     allowed'' and inserting ``for a taxable year--
       ``(A) there shall be allowed'',
       (B) by striking ``equal to the'' and inserting ``equal to 
     so much of the'',
       (C) by striking the period at the end and inserting ``as 
     does not exceed the limitation of subclause (I) of section 
     41(h)(4)(B)(i) (applied without regard to subclause (II) 
     thereof), and'', and
       (D) by adding at the end the following new subparagraph:
       ``(B) there shall be allowed as a credit against the tax 
     imposed by subsection (b) for the first calendar quarter 
     which begins after the date on which the taxpayer files the 
     return specified in section 41(h)(4)(A)(ii) an amount equal 
     to so much of the payroll tax credit portion determined under 
     section 41(h)(2) as is not allowed as a credit under 
     subparagraph (A).''.
       (2) Limitation.--Paragraph (2) of section 3111(f) is 
     amended--
       (A) by striking ``paragraph (1)'' and inserting ``paragraph 
     (1)(A)'', and
       (B) by inserting ``, and the credit allowed by paragraph 
     (1)(B) shall not exceed the tax imposed by subsection (b) for 
     any calendar quarter,'' after ``calendar quarter''.
       (3) Carryover.--Paragraph (3) of section 3111(f) is amended 
     by striking ``the credit'' and inserting ``any credit''.
       (4) Deduction allowed.--Paragraph (4) of section 3111(f) is 
     amended--
       (A) by striking ``credit'' and inserting ``credits'', and
       (B) by striking ``subsection (a)'' and inserting 
     ``subsection (a) or (b)''.
       (c) Aggregation Rules.--Clause (ii) of section 41(h)(5)(B) 
     is amended by striking ``the $250,000 amount'' and inserting 
     ``each of the $250,000 amounts''.
       (d) Effective Date.--The amendments made by this section 
     shall apply to taxable years beginning after December 31, 
     2022.
                                 ______