I 111th CONGRESS 2d Session H. R. 4781 IN THE HOUSE OF REPRESENTATIVES March 4, 2010 Mr. Tiahrt 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 maximum corporate rate of tax to 22 percent.

1.

Short title

This Act may be cited as the Keeping American Businesses Competitive Act of 2010.

2.

Reduction in corporate marginal income tax rates

(a)

General Rule

Paragraph (1) of section 11(b) of the Internal Revenue Code of 1986 is amended— (1)by inserting and at the end of subparagraph (A), (2)by striking 25 percent in subparagraph (B) and inserting 22 percent, (3)by striking but does not exceed $75,000, in subparagraph (B) and inserting a period, (4)by striking subparagraphs (C) and (D), and (5)by striking the last 2 sentences. (b)

Personal Service Corporations

Paragraph (2) of section 11(b) of such Code is amended by striking 35 percent and inserting 22 percent. (c)

Conforming Amendments

Paragraphs (1) and (2) of section 1445(e) of such Code are each amended by striking 35 percent and inserting 22 percent. (d)

Effective Date

The amendments made by this section shall apply to taxable years beginning after December 31, 2009, except that the amendments made by subsection (c) shall take effect on the date of the enactment of this Act.