H.R. 2911 (112th): American Jobs Act of 2011

112th Congress, 2011–2013. Text as of Sep 14, 2011 (Introduced).

Status & Summary | PDF | Source: GPO

I

112th CONGRESS

1st Session

H. R. 2911

IN THE HOUSE OF REPRESENTATIVES

September 14, 2011

(for himself, Mr. Burgess, Mr. Ross of Florida, Mr. Mica, and Mr. Farenthold) 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 repeal the corporate income tax.

1.

Short title

This Act may be cited as the American Jobs Act of 2011.

2.

Repeal of corporate income tax

(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 zero percent of taxable income.

.

(b)

Repeal of alternative minimum tax for corporations

Subparagraph (B) of section 55(b)(1) of such Code is amended to read as follows:

(B)

Corporations

In the case of a corporation, the tentative minimum tax for the taxable year is zero.

.

(c)

Conforming amendments

(1)

Paragraphs (1) and (2) of section 1445(e) of such Code are each amended by striking 35 percent and inserting 0 percent.

(2)

Subparagraph (A) of section 7518(g)(6) of such Code is amended by striking 34 percent and inserting 0 percent.

(3)

Paragraph (2) of section 53511(f) of title 46, United States Code, is amended by striking 34 percent and inserting 0 percent.

(d)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2011, except that the amendments made by subsection (c) shall take effect on such date.