[Congressional Record Volume 170, Number 124 (Tuesday, July 30, 2024)]
[Senate]
[Page S5606]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 3200. Mr. MANCHIN submitted an amendment intended to be proposed 
by him to the bill H.R. 7024, to make improvements to the child tax 
credit, to provide tax incentives to promote economic growth, to 
provide special rules for the taxation of certain residents of Taiwan 
with income from sources within the United States, to provide tax 
relief with respect to certain Federal disasters, to make improvements 
to the low-income housing tax credit, and for other purposes; which was 
ordered to lie on the table; as follows:

       At the end of title I, insert the following:

     SEC. 106. ENSURING THAT CHILD TAX CREDIT DOES NOT EXCEED 
                   PROJECTED COST.

       (a) Reduction of Child Tax Credit in Case of Unanticipated 
     Deficit Increase.--
       (1) In general.--In the case of the first taxable year 
     beginning after any applicable fiscal year for which there is 
     an unanticipated deficit increase, the amount of the credit 
     allowable under section 24 of the Internal Revenue Code of 
     1986 with respect to such taxable year shall be reduced by an 
     amount equal to the applicable percentage of the amount of 
     the credit otherwise allowable under such section (as 
     determined without regard to this section) with respect to 
     such taxable year.
       (2) Nonapplication to subsequent taxable years.--Any 
     reduction pursuant to paragraph (1) in the amount of the 
     credit allowable under section 24 of the Internal Revenue 
     Code of 1986 for a taxable year shall not apply to any 
     subsequent taxable year.
       (b) Applicable Percentage.--
       (1) In general.--For purposes of subsection (a), with 
     respect to any applicable fiscal year, the applicable 
     percentage shall be the amount (expressed as a percentage) 
     equal to the quotient of--
       (A) the unanticipated deficit increase with respect to such 
     fiscal year, divided by
       (B) the projected child tax credit cost for such fiscal 
     year.
       (2) Determination.--
       (A) Treasury report.--Not later than July 31 of each 
     applicable fiscal year, the Secretary shall, based on the 
     most recent information available, submit a report to 
     Congress containing--
       (i) an estimate of the total amount of credits allowed to 
     all taxpayers under section 24 of the Internal Revenue Code 
     of 1986 for the taxable year ending during such fiscal year,
       (ii) a determination as to whether there was an 
     unanticipated deficit increase for such fiscal year, and
       (iii) in the case of a determination under clause (ii) that 
     there was an unanticipated deficit increase for such fiscal 
     year, the projected applicable percentage with respect to the 
     first taxable year beginning after such fiscal year.
       (B) CBO report.--
       (i) In general.--Not later than 60 days after the issuance 
     of the report described in subparagraph (A), the Director of 
     the Congressional Budget Office shall publish a report 
     containing--

       (I) estimates and determinations, as made by the 
     Congressional Budget Office in consultation with the Joint 
     Committee on Taxation, with respect to the items described in 
     clauses (i) through (iii) of subparagraph (A), and
       (II) an explanation of any differences between the 
     estimates and determinations described in subclause (I) and 
     the estimates and determinations described in subparagraph 
     (A).

       (ii) Provision of necessary information.--Notwithstanding 
     section 6103(j)(6) of the Internal Revenue Code of 1986, the 
     Secretary shall provide the Congressional Budget Office with 
     any return information necessary to prepare the report 
     described in clause (i), provided that such information is 
     provided in a manner to ensure that such information cannot 
     be associated with, or otherwise identify, directly or 
     indirectly, a particular taxpayer.
       (C) Resolution of conflicting estimates.--In preparing the 
     report required under subparagraph (D)--
       (i) the Secretary shall review the report described in 
     subparagraph (B)(i), and
       (ii) if the Secretary determines that there is a 
     significant difference between the reports described in 
     subparagraphs (A) and (B)(i), the Secretary shall consult 
     with the Committee on Finance of the Senate and the Committee 
     on Ways and Means of the House of Representatives regarding 
     that difference, which shall include, to the extent 
     practicable, written communication to those committees that 
     affords such committees the opportunity to comment before the 
     issuance of the report described in subparagraph (D).
       (D) Final report.--Not later than 45 days after the 
     publication of the report described in subparagraph (B)(i), 
     if the Secretary determines that there was an unanticipated 
     deficit increase for the applicable fiscal year described in 
     subparagraph (A), the Secretary shall publish on the public 
     website of the Internal Revenue Service--
       (i) the applicable percentage with respect to the first 
     taxable year beginning after such fiscal year, and
       (ii) the resulting reduction in the amount of the credit 
     allowable under section 24 of the Internal Revenue Code of 
     1986 for such taxable year.
       (c) Definitions.--In this section:
       (1) Applicable fiscal year.--The term ``applicable fiscal 
     year'' means fiscal year 2024 and each of the 9 succeeding 
     fiscal years.
       (2) Projected child tax credit cost.--The term ``projected 
     child tax credit cost'' means, with respect to any fiscal 
     year, the sum of--
       (A) the estimated cost to the Government for such fiscal 
     year attributable to section 24 of the Internal Revenue Code 
     of 1986 in the Budget and Economic Outlook: 2024 to 2034 
     Supplemental Revenue Projections of the Congressional Budget 
     Office, published February 7, 2024, and
       (B) the amount equal to the sum of--
       (i) the absolute value of the amount of the reduction in 
     revenue attributable to this title in the Congressional 
     Budget Office cost estimate for H.R. 7024, Tax Relief for 
     American Families and Workers Act of 2024, as published 
     January 25, 2024, for such fiscal year, and
       (ii) the amount of direct spending attributable to this 
     title in the Congressional Budget Office cost estimate for 
     H.R. 7024, Tax Relief for American Families and Workers Act 
     of 2024, as published January 25, 2024, for such fiscal year.
       (3) Secretary.--The term ``Secretary'' means the Secretary 
     of the Treasury or the Secretary's delegate.
       (4) Unanticipated deficit increase.--The term 
     ``unanticipated deficit increase'' means, with respect to any 
     fiscal year, the excess (if any) of--
       (A) the sum of--
       (i) the absolute value of the amount of the reduction in 
     revenue attributable to section 24 of the Internal Revenue 
     Code of 1986 for such fiscal year, and
       (ii) the amount of direct spending attributable to section 
     24 of such Code for such fiscal year, over
       (B) the projected child tax credit cost for such fiscal 
     year.
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