H.R. 934

To amend the Internal Revenue Code of 1986 to reduce the corporate rate of tax to 18 percent.

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I

112th CONGRESS

1st Session

H. R. 934

IN THE HOUSE OF REPRESENTATIVES

March 3, 2011

Mr. Sessions 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 the corporate rate of tax to 18 percent.

1.

Corporate income tax rate reduced to 18 percent

(a)

In general

Paragraph (1) of section 11(b) of the Internal Revenue Code of 1986 is amended by striking shall be the sum of— and all that follows through the period at the end and inserting shall be 18 percent of taxable income..

(b)

Personal Service Corporations

Paragraph (2) of section 11(b) of such Code is amended by striking 35 percent and inserting 18 percent.

(c)

Conforming Amendments

(1)

Subsection (a) of section 1201 of such Code is amended by striking 35 percent each place it appears and inserting 18 percent.

(2)

Paragraphs (1) and (2) of section 1445(e) of such Code are each amended by striking 35 percent and inserting 18 percent.

(d)

Effective date

The amendment made by this section shall apply to taxable years beginning after December 31, 2010.