; and (II) Puerto Rico shall submit to the Secretary a report on the extent to which Puerto Rico has met the timelines and milestones included in such plan (as modified, if applicable). (ii) If, for a fiscal year described in clause (i) after fiscal year 2024, the Comptroller General submits a report with a finding that Puerto Rico is not in compliance with the timeline or with achieving milestones as described in subclause (I) (or, with respect to a fiscal year after fiscal year 2026, not in compliance with the applicable requirement under subparagraph (B)), not later than 90 days after the date of such finding, Puerto Rico shall submit to the Secretary for approval a corrective action plan to remedy such noncompliance. (iii) If, by not later than a period specified by the Secretary after the date of the submission (and approval) of a corrective action plan under clause (ii), with respect to a fiscal year after fiscal year 2024 for which a finding of non-compliance was made under clause (i), the Secretary determines that Puerto Rico has not fulfilled the terms of such corrective action plan, the PR specified percent specified under paragraph (1) for the fiscal year involved shall be reduced by 5 percent for the period beginning with the month beginning after such determination and ending with the first month beginning after the Secretary determines Puerto Rico has fulfilled the terms of the corrective action plan. . (b) Treatment of cap Section 1108(g) of the Social Security Act ( 42 U.S.C. 1308(g) ) is amended— (1) in paragraph (2)— (A) in the matter preceding subparagraph (A), by striking subject to and section 1323(a)(2) of the Patient Protection and Affordable Care Act paragraphs (3) and (5) and inserting subject to section 1323(a)(2) of the Patient Protection and Affordable Care Act and paragraphs (3), (5), and (7)