S.Amdt. 227
What it does: Adds PART IX--REDUCTION IN CORPORATE INCOME TAX RATES at the end of subtitle C of title I of division B
Sen. John Ensign (R-NV)What it changes
1 change to H.R. 1
Adds PART IX--REDUCTION IN CORPORATE INCOME TAX RATES at the end of subtitle C of title I of division B
Adds a sectionInserted: PART IX--REDUCTION IN CORPORATE INCOME TAX RATES
Inserted: SEC. __. PERMANENT REDUCTION IN CORPORATE INCOME TAX RATES.
Inserted: (a) General Rule.--Section 11(b) (relating to amount of tax) is amended to read as follows:
Inserted: "(b) Amount of Tax.--The amount of tax imposed by subsection (a) shall be equal to 15 percent of taxable income.".
Inserted: (b) Conforming Amendments.--
Inserted: (1) Section 1201 is amended--
Inserted: (A) in subsection (a)--
Inserted: (i) by striking "35 percent" each place it appears and inserting "15 percent", and
Inserted: (ii) by striking "(determined without regard to the last 2 sentences of section 11(b)(1))", and
Inserted: (B) by striking subsection (b) and redesignating subsection (c) as subsection (b).
Inserted: (2) Section 1445(e) is amended by striking "35 percent" each place it appears and inserting "15 percent".
Inserted: (c) Clerical Amendments.--
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Inserted: (1) Sections 280(c)(3)(B)(ii)(II), 860E(2)(B), and 860E(6)(A)(ii) are each amended by striking "11(b)(1)" and inserting "11(b)".
Inserted: (2) Section 904(b)(3)(D)(ii) is amended by striking "(determined without regard to the last sentence of section 11(b)(1))".
Inserted: (3) Section 962 is amended by striking subsection (c) and by redesignating subsection (d) as subsection (c).
Inserted: (d) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2008.
Original wording
At the end of subtitle C of title I of division B, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 227. Mr. ENSIGN submitted an amendment intended to be proposed by him to the bill H.R. 1, making supplemental appropriations for job preservation and creation, infrastructure investment, energy efficiency and science, assistance to the unemployed, and State and local fiscal stabilization, for fiscal year ending September 30, 2009, and for other purposes; which was ordered to lie on the table; as follows:
At the end of subtitle C of title I of division B, insert the following:
PART IX--REDUCTION IN CORPORATE INCOME TAX RATES
SEC. __. PERMANENT REDUCTION IN CORPORATE INCOME TAX RATES.
(a) General Rule.--Section 11(b) (relating to amount of tax) is amended to read as follows:
“(b) Amount of Tax.--The amount of tax imposed by subsection (a) shall be equal to 15 percent of taxable income.”.
(b) Conforming Amendments.--
(1) Section 1201 is amended--
(A) in subsection (a)--
(i) by striking “35 percent” each place it appears and inserting “15 percent”, and
(ii) by striking “(determined without regard to the last 2 sentences of section 11(b)(1))”, and
(B) by striking subsection (b) and redesignating subsection (c) as subsection (b).
(2) Section 1445(e) is amended by striking “35 percent” each place it appears and inserting “15 percent”.
(c) Clerical Amendments.--
(1) Sections 280(c)(3)(B)(ii)(II), 860E(2)(B), and 860E(6)(A)(ii) are each amended by striking “11(b)(1)” and inserting “11(b)”.
(2) Section 904(b)(3)(D)(ii) is amended by striking “(determined without regard to the last sentence of section 11(b)(1))”.
(3) Section 962 is amended by striking subsection (c) and by redesignating subsection (d) as subsection (c).
(d) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2008.
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Senate amendment submitted
February 4, 2009