[Congressional Record Volume 171, Number 112 (Saturday, June 28, 2025)]
[Senate]
[Page S4011]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2564. Mrs. SHAHEEN (for herself, Mr. Welch, Mr. Hickenlooper, Mr. 
Bennet, Mr. Gallego, Mr. Heinrich, Mr. Kelly, and Mr. Booker) 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, insert the following:

                  CHAPTER 7--ADDITIONAL TAX PROVISIONS

     SEC. 70701. REPEAL OF TERMINATION OF CERTAIN CLEAN ENERGY 
                   CREDITS.

       The amendments made by sections 70505, 70506, 70507, and 
     70508 are repealed and the Internal Revenue Code of 1986 
     shall be applied as if such amendments had not been enacted.

     SEC. 70702. ESTABLISHMENT OF 39.6 PERCENT INDIVIDUAL INCOME 
                   TAX RATE BRACKET.

       (a) 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'.''.
       (b) Effective Date.--The amendments made by this section 
     shall apply to taxable years beginning after December 31, 
     2025.
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