[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4878 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 4878

To amend the Internal Revenue Code of 1986 to reduce the rate of tax on 
        corporations that make certain education contributions.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 18, 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.

    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 ``Tax Cut Job Creation Act of 2010''.

SEC. 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.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2010.
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