[Congressional Record Volume 171, Number 112 (Saturday, June 28, 2025)]
[Senate]
[Page S3998]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2501. Mr. PAUL 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:

       Strike subsections (c) and (d) of section 70104 and insert 
     the following:
       (c) Inflation Adjustment.--Section 24(i) is amended to read 
     as follows:
       ``(i) Inflation Adjustment.--
       ``(1) Adjustment of credit amount.--In the case of a 
     taxable year beginning after 2025, the $2,200 amount in 
     subsection (h)(2) shall be increased by an amount equal to--
       ``(A) such dollar amount, multiplied by
       ``(B) the cost-of-living adjustment determined under 
     section 1(f)(3) for the calendar year in which the taxable 
     year begins, determined by substituting `2024' for `2016' in 
     subparagraph (A)(ii) thereof.
       ``(2) Rounding.--If any increase under this subsection is 
     not a multiple of $100, such increase shall be rounded to the 
     next lowest multiple of $100.''.
       (d) Elimination of Refundable Credit.--
       (1) In general.--Section 24 is amended by striking 
     subsection (d).
       (2) Conforming amendments.--
       (A) Section 24(h) is amended by striking paragraphs (5) and 
     (6).
       (B) Section 24(k)(2)(B) is amended by striking ``December 
     31, 2021'' and all that follows through the period and 
     inserting ``December 31, 2021, the credit determined under 
     this section shall be allowable to such resident.''.
       (C) Section 45R(f)(3)(B) is amended by inserting ``(as in 
     effect before the date of the enactment of the One Big 
     Beautiful Bill Act)'' after ``24(d)(2)(C)''.
                                 ______