S.Amdt. 755
What it does: Adds SEC. ___. REDUCTION IN CORPORATE TAX RATE at the end of the bill
Sen. Rand Paul (R-KY)What it changes
1 change to S. 743 · shown in the bill's text
Adds SEC. ___. REDUCTION IN CORPORATE TAX RATE at the end of the bill
Adds a sectionIn S. 743 · Placed on Calendar Senate
Except as otherwise provided in this Act, this Act shall not be construed to preempt or limit any power exercised or to be exercised by a State or local jurisdiction under the law of such State or local jurisdiction or under any other Federal law.
Inserted: 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) 25 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.
Original wording
At the end, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 755. Mr. PAUL submitted an amendment intended to be proposed by him to the bill S. 743, to restore States' sovereign rights to enforce State and local sales and use tax laws, and for other purposes; which was ordered to lie on the table; as follows:
At the end, 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) 25 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
April 24, 2013
Amendments
1 amendmentOffered to this amendment
Amendments
1 amendmentOffered to this amendment