[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2946 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 2946

  To amend the Internal Revenue Code of 1986 to reduce the corporate 
                     income tax rate to 20 percent.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 25, 2015

 Mr. Williams 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 to 20 percent.

    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 ``Incentivize Corporate America Act of 
2015''.

SEC. 2. 20-PERCENT CORPORATE TAX RATE.

    (a) In General.--Subsection (b) of section 11 of the Internal 
Revenue Code of 1986 is amended to read as follows:
    ``(b) Amount of Tax.--The amount of the tax imposed by subsection 
(a) shall be 20 percent of taxable income.''.
    (b) Conforming Amendments.--
            (1) Paragraphs (2)(B) and (6)(A)(ii) of section 860E(e) of 
        such Code are each amended by striking ``section 11(b)(1)'' and 
        inserting ``section 11(b)''.
            (2)(A) Section 1445(e)(1) of such Code is amended--
                    (i) by striking ``35 percent'' and inserting ``the 
                rate of tax in effect for the taxable year under 
                section 11(b)'', and
                    (ii) by striking ``of the gain'' and inserting 
                ``multiplied by the gain''.
            (B) Section 1445(e)(2) of such Code is amended by striking 
        ``35 percent of the amount'' and inserting ``the rate of tax in 
        effect for the taxable year under section 11(b) multiplied by 
        the amount''.
            (C) Section 1445(e)(6) of such Code is amended--
                    (i) by striking ``35 percent'' and inserting ``the 
                rate of tax in effect for the taxable year under 
                section 11(b)'', and
                    (ii) by striking ``of the amount'' and inserting 
                ``multiplied by the amount''.
            (D) Section 1446(b)(2)(B) of such Code is amended by 
        striking ``section 11(b)(1)'' and inserting ``section 11(b)''.
            (3) Section 852(b)(1) of such Code is amended by striking 
        the last sentence.
            (4) Section 7874(e)(1)(B) of such Code is amended by 
        striking ``section 11(b)(1)'' and inserting ``section 11(b)''.
    (c) Effective Date.--
            (1) In general.--Except as otherwise provided in this 
        subsection, the amendments made by this section shall apply to 
        taxable years beginning after December 31, 2015.
            (2) Withholding.--The amendments made by subsection (b)(2) 
        shall apply to distributions made after December 31, 2015.
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