[Congressional Record Volume 171, Number 112 (Saturday, June 28, 2025)]
[Senate]
[Page S4027]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2628. Mr. REED submitted an amendment intended to be proposed by 
him 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:

     SEC. ____. AUDITS.

       (a) In General.--Subchapter A of chapter 78 is amended by 
     inserting after section 7606 the following new section:

     ``SEC. 7607. AUDITS.

       ``(a) In General.--
       ``(1) Audit requirement.--The Internal Revenue Service 
     shall not initiate any audit for a taxable year of a taxpayer 
     whose taxable income for the preceding taxable year was not 
     in excess of the threshold amount unless audits have been 
     completed of--
       ``(A) all corporations whose taxable income for the 
     preceding taxable year was in excess of $10,000,000, and
       ``(B) all taxpayers other than corporations whose taxable 
     income for the preceding taxable year was in excess of 
     $5,000,000.
       ``(2) Threshold amount.--For purposes of paragraph (1), the 
     threshold amount is--
       ``(A) $200,000 in the case of a joint return,
       ``(B) $150,000 in the case of a head of a household (as 
     defined in section 2(b)), and
       ``(C) $100,000 in any other case.
       ``(b) Adjustment for Inflation.--In the case of a return 
     for any taxable year beginning after December 31, 2026, each 
     of the dollar amounts in subsection (a)(2) shall be increased 
     by an amount equal to--
       ``(1) such dollar amount, multiplied by
       ``(2) the cost-of-living adjustment determined under 
     section 1(f)(3) for the calendar year in which the taxable 
     year begins, determined by substituting `calendar year 2025' 
     for `calendar year 2016' in subparagraph (A)(ii) thereof.
     If any amount as increased under the preceding sentence is 
     not a multiple of $100, such amount shall be rounded to the 
     nearest multiple of $100.''.
       (b) Clerical Amendment.--The table of sections for 
     subchapter A of chapter 78 is amended by inserting after the 
     item relating to section 7606 the following new item:

``Sec. 7607. Audits.''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to returns for taxable years beginning after 
     December 31, 2025.
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