The refundable part is kept out of the carryforward
What the document says“Section 23(c)(1) is amended by striking "credit allowable under subsection (a)" and inserting "portion of the credit allowable under subsection (a) which is allowed under this subpart".”
The section narrows section 23(c)(1) of the Internal Revenue Code of 1986 so that only the part of the credit allowed under that subpart may be carried forward, leaving the refundable part out.
What the document actually says“Section 23(c)(1) is amended by striking "credit allowable under subsection (a)" and inserting "portion of the credit allowable under subsection (a) which is allowed under this subpart".”
A phrase is taken out of a tax rule. A narrower phrase is put in.
The rule lets unused credit be carried forward. Only the non-refundable part may be. The refundable part is paid out instead.
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