[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7176 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 7176

   To amend the Internal Revenue Code of 1986 to reestablish the 15 
                    percent corporate rate bracket.


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                    IN THE HOUSE OF REPRESENTATIVES

                           November 27, 2018

 Mr. King of Iowa (for himself and Mr. Blum) introduced the following 
      bill; which was referred to the Committee on Ways and Means

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                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to reestablish the 15 
                    percent corporate rate bracket.

    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 ``Restoring Economic Opportunities for 
Small Family C-Corporations''.

SEC. 2. REESTABLISHMENT OF 15 PERCENT CORPORATE RATE BRACKET.

    (a) In General.--Section 11(b) of the Internal Revenue Code of 1986 
is amended to read as follows:
    ``(b) Amount of Tax.--The amount of tax imposed by subsection (a) 
shall be the sum of--
            ``(1) 15 percent of so much of the taxable income as does 
        not exceed $50,000, and
            ``(2) 21 percent of so much of the taxable income as 
        exceeds $50,000.
In the case of a corporation which has taxable income in excess of 
$100,000 for any taxable year, the amount of tax determined under the 
preceding sentence for such taxable year shall be increased by the 
lesser of (A) 5 percent of such excess, or (B) $3,000.''.
    (b) Conforming Amendment.--Section 11 of such Code is amended by 
adding at the end the following new subsection:
    ``(e) Treatment of Certain References.--Any reference in this title 
(or in any other provision of law) to the rate of tax imposed by this 
section shall be treated as a reference to the rate of tax specified in 
subsection (b)(2) unless such reference clearly indicates otherwise.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2017.
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