[Congressional Record Volume 171, Number 112 (Saturday, June 28, 2025)]
[Senate]
[Page S3993]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2467. Mr. SCHIFF submitted an amendment intended to be proposed to 
amendment SA 2360 proposed by Mr. Thune (for Mr. Graham) to the bill 
H.R. 1, to provide for reconciliation pursuant to title II of H. Con. 
Res. 14; which was ordered to lie on the table; as follows:
       At the appropriate place in chapter 5 of subtitle A of 
     title VII, insert the following:

     SEC. 705___. ELIMINATING RESTRICTIONS RELATING TO WIND AND 
                   SOLAR FACILITIES.

       (a) Clean Electricity Production Credit.--Section 45Y, as 
     amended by subsections (a) and (d) of section 70512 of this 
     Act, is amended--
       (1) in subsection (d), by striking paragraph (4), and
       (2) by striking subsection (h).
       (b) Clean Electricity Investment Credit.--Section 48E(e), 
     as amended by subsections (a) and (c)(1) of section 70513 of 
     this Act, is amended--
       (1) in subsection (e), by striking paragraph (4), and
       (2) by striking subsection (i).
       (c) Geothermal Heat Pumps.--Section 50, as amended by 
     section 70513(c)(2) of this Act, is amended by striking 
     subsection (e).
       (d) Advanced Manufacturing Production Credit.--Section 
     45X(b)(3), as amended by section 70514(b) of this Act, is 
     amended by striking subparagraph (D).
       (e) Excise Tax on Certain Facilities.--Subtitle D, as 
     amended by section 70512(l) of this Act, is amended by 
     striking section 5000E-1.
       (f) Establishment of 39.6 Percent Individual Income Tax 
     Rate Bracket.--
       (1) In general.--Section 1(j)(2) is amended by 
     redesignating subparagraph (F) as subparagraph (G) and by 
     inserting after subparagraph (E) the following new 
     subparagraph:
       ``(F) 39.6 percent rate bracket.--Notwithstanding 
     subparagraphs (A) through (E), in prescribing the tables 
     under this subsection for purposes of paragraph (3)(B)--
       ``(i) the excess of taxable income over $10,000,000, if 
     any, shall be taxed at a rate of 39.6 percent, and
       ``(ii) paragraph (3)(B)(i) shall be applied with respect to 
     such $10,000,000 amount by substituting `2024' for `2017'.''.
       (2) Effective date.--The amendments made by this subsection 
     shall apply to taxable years beginning after December 31, 
     2025.
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