[Congressional Record Volume 171, Number 112 (Saturday, June 28, 2025)]
[Senate]
[Pages S4028-S4029]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2643. Mr. BENNET (for himself, Mr. Warnock, Mr. Kelly, Mr. 
Hickenlooper, Ms. Cortez Masto, Ms. Rosen, and Mr. Gallego) 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 sections 70514 and 70515 and insert the following:

     SEC. 70514. RESTRICTIONS ON ADVANCED MANUFACTURING PRODUCTION 
                   CREDIT.

       (a) Restrictions Relating to Prohibited Foreign Entities.--
     Section 45X is amended--
       (1) in subsection (c)(1), by adding at the end the 
     following new subparagraph:
       ``(C) Material assistance from prohibited foreign 
     entities.--In the case of taxable years beginning after the 
     date of enactment of this subparagraph, the term `eligible 
     component' shall not include any property which includes any 
     material assistance from a prohibited foreign entity (as 
     defined in section 7701(a)(52)).'', and
       (2) in subsection (d), by adding at the end the following 
     new paragraph:
       ``(5) Restrictions relating to prohibited foreign 
     entities.--No credit shall be determined under subsection (a) 
     for any taxable year beginning after the date of enactment of 
     this paragraph if the taxpayer is a prohibited foreign entity 
     (as defined in section 7701(a)(51)(A)).''.
       (b) Effective Date.--The amendments made by this section 
     shall apply to taxable years beginning after the date of 
     enactment of this Act.

[[Page S4029]]

     SEC. 70515. 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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