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Repeals Subtitle B of Title VII of Public Law 119–21 and requires that any law or regulation referenced in that subtitle be applied as though the subtitle and its amendments were never enacted. It also changes how an enhanced tax credit’s "applicable percentage" is calculated in the Internal Revenue Code, removes several obsolete cross-references, and makes those tax-code changes permanent for tax years beginning after December 31, 2025.
Read twice and referred to the Committee on Finance. (text: CR S4908)
Introduced July 30, 2025 by Charles Ellis Schumer · Last progress 7 months ago