[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5101 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 5101

To amend the Internal Revenue Code of 1986 to accelerate the phasein of 
           the deduction for domestic production activities.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 23, 2008

 Mr. Manzullo (for himself, Mr. Lipinski, Mr. Cantor, Mr. Herger, and 
 Mr. Fortenberry) 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 accelerate the phasein of 
           the deduction for domestic production activities.

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

SECTION 1. ACCELERATING THE PHASEIN OF DOMESTIC PRODUCTION ACTIVITIES 
              DEDUCTION.

    (a) In General.--Subsection (a) of section 199 of the Internal 
Revenue Code of 1986 (relating to allowance of deduction) is amended to 
read as follows:
    ``(a) Allowance of Deduction.--There shall be allowed as a 
deduction an amount equal to 9 percent of the lesser of--
            ``(1) the qualified production activities income of the 
        taxpayer for the taxable year, or
            ``(2) taxable income (determined without regard to this 
        section) for the taxable year.''.
    (b) Conforming Amendment.--Paragraph (2) of section 199(d) of such 
Code is amended by striking ``subsection (a)(1)(B)'' and inserting 
``subsection (a)(2)''
    (c) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2007.
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