[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3050 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 3050

  To amend the Internal Revenue Code of 1986 to make effective as of 
January 1, 2001, all of the individual income tax rate reductions, and 
to amend the Economic Growth and Tax Relief Reconciliation Act of 2001 
             to repeal the sunset of such rate reductions.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 5, 2001

  Mr. Flake 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 effective as of 
January 1, 2001, all of the individual income tax rate reductions, and 
to amend the Economic Growth and Tax Relief Reconciliation Act of 2001 
             to repeal the sunset of such rate reductions.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INDIVIDUAL INCOME TAX RATE REDUCTIONS MADE EFFECTIVE JANUARY 
              1, 2001.

    Paragraph (2) of section 1(i) of the Internal Revenue Code of 1986 
is amended to read as follows:
            ``(2) Reductions in rates after december 31, 2000.--In the 
        case of taxable years beginning in a calendar year after 2000, 
        the corresponding percentage specified for such calendar year 
        in the following table shall be substituted for the otherwise 
        applicable tax rate in the tables under subsections (a), (b), 
        (c), (d), and (e).

------------------------------------------------------------------------
                                         The corresponding percentages
                 ``In the case of        shall be substituted for  the
                   taxable years            following percentages:
                 beginning during    -----------------------------------
                  calendar year:        28%      31%      36%     39.6%
------------------------------------------------------------------------
              2001 and thereafter...   25.0%    28.0%    33.0%    35.0%
------------------------------------------------------------------------

SEC. 2. INDIVIDUAL INCOME TAX RATE REDUCTIONS MADE PERMANENT.

    Section 901 of the Economic Growth and Tax Relief Reconciliation 
Act of 2001 (Public Law 107-16) is amended by adding at the end the 
following new subsection:
    ``(c) Individual Income Tax Rate Reductions Made Permanent.--
Subsections (a) and (b) shall not apply to the provisions of, and 
amendments made by, title I.''
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