S.Amdt. 3974
What it does: Adds SEC. __. REDUCTION IN CORPORATE MARGINAL INCOME TAX RATES wherever appropriate
Sen. Jim DeMint (R-SC)What it changes
1 change to H.R. 5140
Adds SEC. __. REDUCTION IN CORPORATE MARGINAL INCOME TAX RATES wherever appropriate
Adds a sectionInserted: SEC. __. REDUCTION IN CORPORATE MARGINAL INCOME TAX RATES.
Inserted: (a) General Rule.--Paragraph (1) of section 11(b) of the Internal Revenue Code of 1986 is amended--
Inserted: (1) by inserting "and" at the end of subparagraph (A),
Inserted: (2) by striking "but does not exceed $75,000," in subparagraph (B) and inserting a period,
Inserted: (3) by striking subparagraphs (C) and (D), and
Inserted: (4) by striking the last 2 sentences.
Inserted: (b) Personal Service Corporations.--Paragraph (2) of section 11(b) of such Code is amended by striking "35 percent" and inserting "25 percent".
Inserted: (c) Conforming Amendments.--Paragraphs (1) and (2) of section 1445(e) of such Code are each amended by striking "35 percent" and inserting "25 percent".
Inserted: (d) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2007, except that the amendments made by subsection (c) shall take effect on the date of the enactment of this Act.
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Original wording
At the appropriate place, insert the following:
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As printed
SA 3974. Mr. DeMINT submitted an amendment intended to be proposed by him to the bill H.R. 5140, to provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. __. REDUCTION IN CORPORATE MARGINAL INCOME TAX RATES.
(a) General Rule.--Paragraph (1) of section 11(b) of the Internal Revenue Code of 1986 is amended--
(1) by inserting “and” at the end of subparagraph (A),
(2) by striking “but does not exceed $75,000,” in subparagraph (B) and inserting a period,
(3) by striking subparagraphs (C) and (D), and
(4) by striking the last 2 sentences.
(b) Personal Service Corporations.--Paragraph (2) of section 11(b) of such Code is amended by striking “35 percent” and inserting “25 percent”.
(c) Conforming Amendments.--Paragraphs (1) and (2) of section 1445(e) of such Code are each amended by striking “35 percent” and inserting “25 percent”.
(d) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2007, except that the amendments made by subsection (c) shall take effect on the date of the enactment of this Act.
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Senate amendment submitted
January 31, 2008