H.R. 5169

Grow American Investment Now Jobs Act of 2008

Latest
Raw Text PDF XML

I

110th CONGRESS

2d Session

H. R. 5169

IN THE HOUSE OF REPRESENTATIVES

January 29, 2008

Mr. Cantor 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 reduce marginal income tax rates on corporations.

1.

Short title

This Act may be cited as the Grow American Investment Now Jobs Act of 2008.

2.

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 the date of the enactment of this Act, except that the amendments made by subsection (c) shall take effect on such date.