[Congressional Record Volume 171, Number 113 (Monday, June 30, 2025)]
[Senate]
[Page S4092]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2661. Mr. MORAN 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 end of section 70435 insert the following:
       (d) ACRE Technical Fix.--Section 139L, as added by 
     subsection (a), is amended by striking subsection (d) and 
     inserting the following:
       ``(d) Coordination With Section 265.--In the case of any 
     qualified real estate loan, section 265 shall be applied--
       ``(1) by substituting `25 percent of interest on 
     indebtedness' for `Interest on indebtedness' in subsection 
     (a)(2) of such section;
       ``(2) by treating any qualified real estate loan as an 
     obligation described in subsection (a)(2) of such section the 
     interest on which is wholly exempt from the taxes imposed by 
     this subtitle;
       ``(3) by treating 25 percent of the adjusted basis of any 
     qualified real estate loan as adjusted basis of a tax-exempt 
     obligation described in subsection (b)(4)(B) of such section; 
     and
       ``(4) by substituting ``25 percent of the amount of such 
     indebtedness for `the amount of such indebtedness' in 
     subsection (b)(6)(A)(a)(ii) of such section.''.
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