[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 609 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 609

  To amend the Internal Revenue Code of 1986 to reduce the corporate 
                            income tax rate.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 10, 2011

 Mr. Hanna (for himself, Mr. Amash, Mr. Bartlett, Mr. Bishop of Utah, 
  Mr. Burton of Indiana, Mr. Cole, Mr. Duncan of South Carolina, Mr. 
Fitzpatrick, Mr. Franks of Arizona, Mr. Manzullo, Mr. McClintock, Mrs. 
Myrick, Mr. Ribble, Mr. Austin Scott of Georgia, Mr. Sensenbrenner, and 
Mr. Westmoreland) 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 corporate 
                            income tax rate.

    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 ``American Competitiveness Act of 
2011''.

SEC. 2. REDUCTION IN CORPORATE INCOME TAX RATES.

    (a) In General.--Paragraph (1) of section 11(b) of the Internal 
Revenue Code of 1986 is amended to read as follows:
            ``(1) Rates of tax.--
                    ``(A) In general.--Except as otherwise provided in 
                this paragraph, the amount of the tax imposed by 
                subsection (a) shall be the sum of--
                            ``(i) 15 percent of so much of the taxable 
                        income as does not exceed $50,000, and
                            ``(ii) 25 percent of so much of the taxable 
                        income as exceeds $50,000.
                    ``(B) Special rules for 2011.--In the case of any 
                taxable year beginning in 2011, the amount of the tax 
                imposed by subsection (a) shall be the sum of--
                            ``(i) 15 percent of so much of the taxable 
                        income as does not exceed $50,000, and
                            ``(ii) 25 percent of so much of the taxable 
                        income as exceeds $50,000 but does not exceed 
                        $75,000, and
                            ``(iii) 30 percent of so much of the 
                        taxable income as exceeds $75,000.''.
    (b) Conforming Amendments.--
            (1) Section 11(b)(2) of such Code is amended by striking 
        ``35 percent'' and inserting ``the maximum rate of tax in 
        effect under section 11(b)(1)''.
            (2) Section 280C(c)(3)(B)(ii)(II) of such Code is amended 
        by inserting ``in effect'' after ``maximum rate of tax''.
            (3) Section 904(b)(3)(D)(ii) of such Code is amended by 
        striking ``(determined without regard to the last sentence of 
        section 11(b)(1))''.
            (4) Section 1201(a) of such Code is amended--
                    (A) by striking ``35 percent (determined without 
                regard to the last 2 sentences of section 11(b)(1))'' 
                and inserting ``the maximum rate of tax in effect under 
                section 11(b)(1)'', and
                    (B) by striking ``35 percent'' in paragraph (2) and 
                inserting ``the maximum rate of tax in effect under 
                section 11(b)(1)''.
            (5) Section 1561(a) of such Code is amended by striking the 
        fourth sentence.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2010.
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