Restoring Economic Opportunities for Small Family C–Corporations

I 116TH CONGRESS 1ST SESSION H. R. 901 To amend the Internal Revenue Code of 1986 to reestablish the 15 percent corporate rate bracket. IN THE HOUSE OF REPRESENTATIVES JANUARY 30, 2019 Mr. KING of Iowa (for himself and Mr. DESJARLAIS) 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 reestablish the 15 percent corporate rate bracket. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Restoring Economic 4 Opportunities for Small Family C–Corporations’’. 5 SEC. 2. REESTABLISHMENT OF 15 PERCENT CORPORATE 6 RATE BRACKET. 7 (a) IN GENERAL.—Section 11(b) of the Internal Rev- 8 enue Code of 1986 is amended to read as follows: 9 VerDate Sep 11 2014 21:03 Feb 11, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H901.IH H901 pamtmann on DSKBFK8HB2PROD with BILLS 2 •HR 901 IH ‘‘(b) AMOUNT OF TAX.—The amount of tax imposed 1 by subsection (a) shall be the sum of— 2 ‘‘(1) 15 percent of so much of the taxable in- 3 come as does not exceed $50,000, and 4 ‘‘(2) 21 percent of so much of the taxable in- 5 come as exceeds $50,000. 6 In the case of a corporation which has taxable income in 7 excess of $100,000 for any taxable year, the amount of 8 tax determined under the preceding sentence for such tax- 9 able year shall be increased by the lesser of (A) 5 percent 10 of such excess, or (B) $3,000.’’. 11 (b) CONFORMING AMENDMENT.—Section 11 of such 12 Code is amended by adding at the end the following new 13 subsection: 14 ‘‘(e) TREATMENT OF CERTAIN REFERENCES.—Any 15 reference in this title (or in any other provision of law) 16 to the rate of tax imposed by this section shall be treated 17 as a reference to the rate of tax specified in subsection 18 (b)(2) unless such reference clearly indicates otherwise.’’. 19 (c) EFFECTIVE DATE.—The amendments made by 20 this section shall apply to taxable years beginning after 21 December 31, 2018. 22 Æ VerDate Sep 11 2014 21:03 Feb 11, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H901.IH H901 pamtmann on DSKBFK8HB2PROD with BILLS