H.R.937 - The Rising Tides Act of 2011

To amend the Internal Revenue Code of 1986 to reduce the corporate rate of tax and to change to a more territorial method of taxing corporations. view all titles (3)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to reduce the corporate rate of tax and to change to a more territorial method of taxing corporations. as introduced.
  • Short: The Rising Tides Act of 2011 as introduced.
  • Short: Rising Tides Act of 2011 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
03/04/11
 
 
 
 
 
 
 

Sponsor

Senator

Tim Scott

R-SC

View Co-Sponsors (63)

Official Summary

Rising Tides Act of 2011 - Amends the Internal Revenue Code to: (1) reduce from 35% to 23% the maximum income tax rate for corporations, including personal service corporations; and (2) repeal certain requirements and limitations on the tax deduction for cash dividends received by a corpora

Official Summary

Rising Tides Act of 2011 - Amends the Internal Revenue Code to:
(1) reduce from 35% to 23% the maximum income tax rate for corporations, including personal service corporations; and
(2) repeal certain requirements and limitations on the tax deduction for cash dividends received by a corporation which is a U.S. shareholder from a controlled foreign corporation and make such deduction permanent.

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