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co.mments
HR 5169 IH
To amend the Internal Revenue Code of 1986 to reduce marginal income tax rates on corporations.
January 29, 2008
Mr. CANTOR introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to reduce marginal income tax rates on corporations.
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 `Grow American Investment Now Jobs Act of 2008'.
SEC. 2. REDUCTION IN CORPORATE MARGINAL INCOME TAX RATES.
(a) General Rule- Paragraph (1) of section 11(b) of the Internal Revenue Code of 1986 is amended--
(1) by inserting `and' at the end of subparagraph (A),
(2) by striking `but does not exceed $75,000,' in subparagraph (B) and inserting a period,
(3) by striking subparagraphs (C) and (D), and
(4) by striking the last 2 sentences.
(b) Personal Service Corporations- Paragraph (2) of section 11(b) of such Code is amended by striking `35 percent' and inserting `25 percent'.
(c) Conforming Amendments- Paragraphs (1) and (2) of section 1445(e) of such Code are each amended by striking `35 percent' and inserting `25 percent'.
(d) Effective Date- The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act, except that the amendments made by subsection (c) shall take effect on such date.
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