I 111th CONGRESS 2d Session H. R. 4848 IN THE HOUSE OF REPRESENTATIVES March 15, 2010 Mr. Young of Alaska 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 rate of tax on corporations that make certain education contributions.

1.

Short title

This Act may be cited as the Tax Cut Job Creation Act of 2010.

2.

Corporate income tax rate reduction

(a)

In general

Section 11 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (e)

Reduction for certain contributions

(1)

In general

In the case of a qualified corporation, the amount of tax imposed by subsection (a) for the taxable year (determined without regard to this subsection) shall be reduced by an amount equal to 5 percent of so much of the taxable income of the corporation for such taxable year as exceeds $75,000. (2)

Qualifying corporation

For purposes of this subsection— (A)

Qualified corporation

The term qualifying corporation means a corporation the aggregate amount of specified contributions of which for the taxable year are not less than an amount equal to 20 percent of an amount equal to 5 percent of so much of the taxable income of the corporation for the taxable year as exceeds $75,000. (3)

Specified contributions

The term specified contributions means— (A)the charitable contributions (as defined in section 170(c)) of the corporation for the taxable year to organizations described in section 170(b)(1)(A)(ii), and (B)the wages (as defined in section 3121(a)) paid by the corporation to interns as part of a vocational educational course of such an organization. (4)

Termination

This subsection shall not apply to taxable years beginning after December 31, 2014. . (b)

Effective date

The amendment made by this section shall apply to taxable years beginning after December 31, 2010.