not exceed the larger of— (A) $35,000,000,000, and (B) one-twentieth of the sum of— (i) the 20-year need identified in the most recent assessment conducted by the Administrator of the Environmental Protection Agency in accordance with section 1452(h) of the Safe Drinking Water Act ( 42 U.S.C. 300j–12(h) ), plus (ii) the 20-year need identified in the most recent needs survey submitted by the Administrator pursuant to sections 205(a), 516, and 609 of the Federal Water Pollution Control Act ( 33 U.S.C. 1285(a) , 1375, 1389). (c) Expenditures Amounts in the Trust Fund are available, without further appropriation and without fiscal year limitation, for the purposes described in section 3(c) of the Water Affordability, Transparency, Equity, and Reliability Act of 2023 . . (2) Clerical amendment The table of parts for subchapter A of chapter 98 of such Code is amended by inserting after the item relating to section 9511 the following new item: Sec. 9512. Water Affordability, Transparency, Equity, and Reliability Trust Fund. . (b) Increase in corporate tax rate (1) In general Section 11(b) of the Internal Revenue Code of 1986 is amended by striking 21 and inserting 24.5 . (2) Effective date The amendment made by this subsection shall apply to taxable years beginning after December 31, 2022. (c) Allocation of funds The Administrator, the Secretary of Agriculture, and the Secretary of Health and Human Services shall allocate, for a fiscal year, the amount available, at the beginning of that fiscal year, in the Water Affordability, Transparency, Equity, and Reliability Trust Fund established by section 9512(a) of the Internal Revenue Code of 1986, as follows: (1) Clean water programs Of that amount, the Administrator shall use— (A) 0.5 percent for making grants under section 104(b)(8) of the Federal Water Pollution Control Act ( 33 U.S.C. 1254(b)(8) )