On the recordAugust 6, 2022
I call up my amendment No. 5301 and ask that it be reported by number. The PRESIDING OFFICER. The clerk will report the amendment by number. The legislative clerk read as follows: The Senator from South Carolina [Mr. Graham] proposes an amendment numbered 5301 to amendment No. 5194. The amendment is as follows: (Purpose: To strike a tax increase that would result in higher consumer prices for gasoline, heating oil, and other energy sources for Americans earning less than $400,000 per year) Strike part 6 of subtitle D of title I and insert the following: PART 6--LIMITATION ON DEDUCTION FOR STATE AND LOCAL TAXES SEC. 13601. EXTENSION OF LIMITATION ON DEDUCTION FOR STATE AND LOCAL, ETC., TAXES. (a) In General.--Section 164(b)(6) is amended by striking ``2026'' and inserting ``2027''. (b) Effective Date.--The amendment made by this section shall apply to taxable years beginning after December 31, 2022. The PRESIDING OFFICER. There will be 2 minutes, equally divided. The Senator from South Carolina.
