S.Amdt. 3678
What it does: Adds SEC. ____. REDUCTION IN CORPORATE TAX RATE wherever appropriate
Sen. Mike Johanns (R-NE)What it changes
1 change to S. 2569
Adds SEC. ____. REDUCTION IN CORPORATE TAX RATE wherever appropriate
Adds a sectionInserted: SEC. ____. REDUCTION IN CORPORATE TAX RATE.
Inserted: (a) In General.--Subsection (b) of section 11 of the Internal Revenue Code of 1986 is amended to read as follows:
Inserted: "(b) Amount of Tax.--The amount of tax imposed by subsection (a) shall be the sum of--
Inserted: "(1) 15 percent of so much of the taxable income as does not exceed $50,000, and
Inserted: "(2) 20 percent of so much of the taxable income as exceeds $50,000.".
Inserted: (b) Effective Date.--The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.
The amendment doesn't say where this goes; the clerk decides.
Original wording
At the appropriate place, insert the following:
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As printed
SA 3678. Mr. JOHANNS submitted an amendment intended to be proposed by him to the bill S. 2569, to provide an incentive for businesses to bring jobs back to America; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. ____. REDUCTION IN CORPORATE TAX RATE.
(a) In General.--Subsection (b) of section 11 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) 20 percent of so much of the taxable income as exceeds $50,000.”.
(b) Effective Date.--The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.
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Senate amendment submitted
July 24, 2014