Text: H.R.7176 — 115th Congress (2017-2018)All Information (Except Text)

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Introduced in House (11/27/2018)


115th CONGRESS
2d Session
H. R. 7176


To amend the Internal Revenue Code of 1986 to reestablish the 15 percent corporate rate bracket.


IN THE HOUSE OF REPRESENTATIVES

November 27, 2018

Mr. King of Iowa (for himself and Mr. Blum) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to reestablish the 15 percent corporate rate bracket.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Restoring Economic Opportunities for Small Family C-Corporations”.

SEC. 2. Reestablishment of 15 percent corporate rate bracket.

(a) In general.—Section 11(b) of the Internal Revenue Code of 1986 is amended to read as follows:

“(b) Amount of tax.—The amount of tax imposed by subsection (a) shall be the sum of—

“(1) 15 percent of so much of the taxable income as does not exceed $50,000, and

“(2) 21 percent of so much of the taxable income as exceeds $50,000.

In the case of a corporation which has taxable income in excess of $100,000 for any taxable year, the amount of tax determined under the preceding sentence for such taxable year shall be increased by the lesser of (A) 5 percent of such excess, or (B) $3,000.”.

(b) Conforming amendment.—Section 11 of such Code is amended by adding at the end the following new subsection:

“(e) Treatment of certain references.—Any reference in this title (or in any other provision of law) to the rate of tax imposed by this section shall be treated as a reference to the rate of tax specified in subsection (b)(2) unless such reference clearly indicates otherwise.”.

(c) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2017.