[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.
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