Sec. 205. Corporate income tax rate reduced to flat rate of 20 percent
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Paragraph
(1)of section 11(b) is amended by striking shall be the sum of— and all that follows through the period at the end and inserting shall be 20 percent of taxable income. . Paragraph
(2)of section 11(b) is amended by striking 35 percent and inserting 20 percent . Subsection
(a)of section 1201 is amended— by striking 35 percent (determined without regard to the last 2 sentences of section 11(b)) and inserting 20 percent , and by striking 35 percent each place it appears (other than in the matter preceding paragraph (1)) and inserting 20 percent . Paragraphs (1), (2), and
(6)of section 1445(e) are each amended by striking 35 percent and inserting 20 percent . The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.