S.Amdt. 2643

As an analyst looking out for you, let's break down what our elected officials are trying to do here in common sense terms. This amendment, submitted by Mr. Bennet and several other senators, aims to change sections 70514 and 70515 of the underlying proposal.

Key Changes

• Restrictions on Advanced Manufacturing: The amendment blocks certain tax credits for manufacturing. Specifically, it states that an eligible component cannot include any property that has material assistance from a prohibited foreign entity. Furthermore, no tax credit is allowed if the taxpayer is a prohibited foreign entity.

• New Income Tax Bracket: The amendment creates a new 39.6 percent individual income tax rate bracket. This higher tax rate applies to the excess of taxable income over $10,000,000.