[Congressional Record Volume 168, Number 133 (Saturday, August 6, 2022)]
[Senate]
[Page S4399]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 5488. Mr. WARNER proposed an amendment 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; as follows:

       On page 545, strike line 1 and all that follows through 
     page 547, line 17, and insert the following:
       (b) Effective Date.--The amendment made by this section 
     shall apply to sales in calendar quarters beginning after the 
     date which is 1 day after the date of enactment of this Act.

     SEC. 13902. 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

       (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.

     SEC. 13903. REINSTATEMENT OF LIMITATION RULES FOR DEDUCTION 
                   FOR STATE AND LOCAL, ETC., TAXES; EXTENSION OF 
                   LIMITATION ON EXCESS BUSINESS LOSSES OF 
                   NONCORPORATE TAXPAYERS.

       (a) Reinstatement of Limitation Rules for Deduction for 
     State and Local, etc., Taxes.--
       (1) In general.--Section 164(b)(6), as amended by section 
     13904, is further amended--
       (A) in the heading, by striking ``2026'' and inserting 
     ``2025'', and
       (B) by striking ``2027'' and inserting ``2026''.
       (2) Effective date.--The amendments made by this subsection 
     shall apply to taxable years beginning after December 31, 
     2022.
       (b) Extension of Limitation on Excess Business Losses of 
     Noncorporate Taxpayers.--
       (1) In general.--Section 461(l)(1) is amended by striking 
     ``January 1, 2027'' each place it appears and inserting 
     ``January 1, 2029''.
       (2) Effective date.--The amendments made by this subsection 
     shall apply to taxable years beginning after December 31, 
     2026.

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