[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 301 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 301

   To amend the Internal Revenue Code of 1986 to prevent pending tax 
    increases and to provide additional tax reductions to stimulate 
                            economic growth.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 8, 2009

Mr. Neugebauer 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 prevent pending tax 
    increases and to provide additional tax reductions to stimulate 
                            economic growth.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Economic Growth Through Tax Stimulus 
Act of 2009''.

SEC. 2. EGTRRA, JGTRRA, AND CERTAIN OTHER TAX RELIEF MADE PERMANENT.

    (a) Economic Growth and Tax Relief Reconciliation Act of 2001.--
Title IX of the Economic Growth and Tax Relief Reconciliation Act of 
2001 is hereby repealed.
    (b) Income Tax Rates on Dividends and Net Capital Gain.--Section 
303 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 is 
hereby repealed.
    (c) Deduction for State and Local Sales Taxes.--Paragraph (5) of 
section 164(b) of the Internal Revenue Code of 1986 is amended by 
striking subparagraph (I).
    (d) Deduction for Tuition and Related Expenses.--Section 222 of 
such Code is amended by striking subsection (e).
    (e) Increased Expensing for Small Business.--
            (1) Dollar limitation.--Paragraph (1) of section 179(b) of 
        such Code (relating to dollar limitation) is amended by 
        striking ``$25,000 ($125,000 in the case of taxable years 
        beginning after 2006 and before 2011)'' and inserting 
        ``$125,000''.
            (2) Increase in qualifying investment at which phaseout 
        begins.--Paragraph (2) of section 179(b) of such Code (relating 
        to reduction in limitation) is amended by striking ``$200,000 
        ($500,000 in the case of taxable years beginning after 2006 and 
        before 2011)'' and inserting ``$500,000''.
            (3) Inflation adjustments.--Section 179(b)(5)(A) of such 
        Code (relating to inflation adjustments) is amended by striking 
        ``and before 2011''.
            (4) Revocation of election.--Section 179(c)(2) of such Code 
        (relating to election irrevocable) is amended by striking ``and 
        before 2011''.
            (5) Computer software.--Clause (ii) of section 179(d)(1)(A) 
        of such Code is amended by striking ``and before 2011''.
    (f) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.

SEC. 3. TEMPORARY REDUCTION IN INDIVIDUAL TAX RATES.

    (a) In General.--Section 1 of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new subsection:
    ``(j) Economic Stimulus Rate Reductions.--In the case of taxable 
years beginning in a calendar year after 2008 and before 2014--
            ``(1) the 10 percent and 15 percent rates of tax specified 
        in subsection (i)(1) shall each be reduced by 5 percentage 
        points,
            ``(2) the last line of the table in subsection (i)(2) shall 
        be applied by substituting--
                    ``(A) `20.0%' for `25.0%',
                    ``(B) `23.0%' for `28.0%',
                    ``(C) `25.0%' for `33.0%', and
                    ``(D) `25.0%' for `35.0%', and
            ``(3) the adjustment of the tables prescribed under 
        subsection (f) required by subsection (i)(3) shall be further 
        adjusted to carry out this subsection.''.
    (b) Conforming Amendment.--Section 15 of such Code is amended by 
adding at the end the following new subsection:
    ``(g) Economic Stimulus Rate Reductions.--This section shall not 
apply to any change in rates under subsection (j) of section 1 
(relating to economic stimulus rate reductions).''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2008.

SEC. 4. REDUCTION IN CORPORATE INCOME TAX RATES.

    (a) In General.--Section 11 of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new subsection:
    ``(e) Economic Stimulus Rate Reductions.--In the case of taxable 
years beginning in a calendar year after 2008 and before 2014--
            ``(1) subsection (b)(1) shall be applied by disregarding--
                    ``(A) `but does not exceed $75,000,' in 
                subparagraph (B) thereof,
                    ``(B) subparagraphs (C) and (D) thereof, and
                    ``(C) the last 2 sentences,
            ``(2) subsection (b)(2) shall be applied by substituting 
        `25 percent' for `35 percent', and
            ``(3) paragraphs (1) and (2) of section 1445(e) shall each 
        be applied by substituting `25 percent' for `35 percent'.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2008.
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