H. R. 901
IN THE HOUSE OF REPRESENTATIVES
January 30, 2019
Mr. King of Iowa (for himself and Mr. DesJarlais) introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to reestablish the 15 percent corporate rate bracket.
This Act may be cited as the
Restoring Economic Opportunities for Small Family C–Corporations.
Reestablishment of 15 percent corporate rate bracket
Section 11(b) of the Internal Revenue Code of 1986 is amended to read as follows:
Amount of tax
The amount of tax imposed by subsection (a) shall be the sum of—
15 percent of so much of the taxable income as does not exceed $50,000, and
21 percent of so much of the taxable income as exceeds $50,000.
Section 11 of such Code is amended by adding at the end the following new subsection:
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.
The amendments made by this section shall apply to taxable years beginning after December 31, 2018.