I
112th CONGRESS
1st Session
H. R. 1773
IN THE HOUSE OF REPRESENTATIVES
May 5, 2011
Mr. Gerlach (for himself and Mr. Kissell) 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 make the research credit permanent, increase expensing for small businesses, reduce corporate tax rates, and for other purposes.
Short title
This Act may be cited as the
Made in America Act of
2011
.
Research credit made permanent
In general
Section 41 of the Internal Revenue Code of 1986 (relating to credit for increasing research activities) is amended by striking subsection (h).
Conforming amendment
Paragraph (1) of section 45C(b) of such Code is amended by striking subparagraph (D).
Effective date
The amendments made by this section shall apply to amounts paid or incurred after December 31, 2010, and to taxable years beginning after such date.
Increase in rate of alternative simplified credit
In general
Subparagraph (A) of
section 41(c)(5) of the Internal Revenue Code of 1986 (relating to election of
alternative simplified credit) is amended by striking 14 percent (12
percent in the case of taxable years ending before January 1, 2009)
and
inserting 20 percent
.
Effective date
The amendment made by this section shall apply to taxable years ending after December 31, 2010.
Repeal the alternative incremental credit
In general
Section 41(c) of the Internal Revenue Code of 1986, as amended by section 3, is amended by striking paragraph (4) and by redesignating paragraphs (5), (6), and (7) as paragraphs (4), (5), and (6), respectively.
Conforming amendment
Section 41(c)(4)(C) of such Code, as redesignated by subsection (a), is amended by striking the last sentence.
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2010.
Increased section 179 expensing made permanent
Dollar limitation
Paragraph (1) of
section 179(b) of the Internal Revenue Code of 1986 is amended by striking
shall not exceed—
and all that follows and inserting
shall not exceed $250,000 ($500,000 in the case of taxable years
beginning in 2010 or 2011).
.
Phaseout threshold
Paragraph (2) of section 179(b) of such Code is amended
by striking exceeds—
and all that follows and inserting
exceeds $800,000 ($2,000,000 in the case of taxable years beginning in
2010 or 2011).
.
Conforming amendments
Subparagraph (A) of section 179(b)(6) of such Code is amended—
by striking
beginning in calendar year 2012, the $125,000 and $500,000
amounts
and inserting beginning in a calendar year after 2011,
the $250,000 and $800,000 amounts
, and
by striking
calendar year 2006
and inserting calendar year
2007
.
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2010.
Reduction in top corporate marginal rate
In general
Paragraph (1) of section 11(b) of the Internal Revenue Code of 1986 (relating to amount of tax) is amended—
by inserting
and
at the end of subparagraph (B),
by striking subparagraphs (C) and (D) and inserting the following:
30 percent of so much of the taxable income as exceeds $75,000.
, and
by striking $11,750
and all
that follows and inserting $9,125.
Personal service corporations
Paragraph (2) of section 11(b) of such Code is
amended by striking 35 percent
and inserting 30
percent
.
Conforming amendments
Paragraphs (1) and (2) of section 1445(e) of such Code
are each amended by striking 35 percent
and inserting 30
percent
.
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2010, except that the amendments made by subsection (c) shall take effect on the date of the enactment of this Act.
Studies
Workplace employee health care facilities
The Comptroller General of the United States shall conduct a study of the impact of workplace employee health care facilities on employee health and productivity. The results of such study shall be submitted to the Congress within 1 year after the date of the enactment of this Act.
Retention of students in rural communities
The Comptroller General of the United States shall conduct a study of the best practices for encouraging college graduates from rural areas to return to those areas after graduation. The results of such study shall be submitted to the Congress within 1 year after the date of the enactment of this Act.