Sec. 5. Reduction in corporate tax rate
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/bill/114/hr/2202/ih/section-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 11(b)(1) of the Internal Revenue Code of 1986 is amended— by striking subparagraphs
(C)and (D), by inserting and at the end of subparagraph (B), and by inserting after subparagraph
(B)the following: applicable percentage of so much of the taxable income as exceeds $75,000. , by striking $11,750 and inserting applicable dollar amount , and by striking the last sentence. Section 11 of such Code is amended by adding at the end the following: For purposes of this section— The term applicable percentage means— 32 percent in the case of taxable years beginning in 2016, 31 percent in the case of taxable years beginning in 2017, 30 percent in the case of taxable years beginning in 2018, 29 percent in the case of taxable years beginning in 2019, and 28 percent in the case of taxable years beginning after 2019. The term applicable dollar amount means— $6,750 in the case of taxable years beginning in 2016, $5,500 in the case of taxable years beginning in 2017, $5,000 in the case of taxable years beginning in 2018, $4,500 in the case of taxable years beginning in 2019, and $4,000 in the case of taxable years beginning after 2019. . Section 11(b)(2) of such Code is amended by striking 35 percent and inserting the applicable percentage . Section 1201(a) of such Code is amended— by striking 35 percent both places it appears and inserting the applicable percentage , and by striking 2 sentences and inserting sentence . Section 1445(e) of such Code is amended by striking 35 percent each places it occurs and inserting the applicable percentage . Except as otherwise provided in this subsection, the amendments made by this section shall apply to taxable years beginning after December 31, 2015. The amendments made by subsection (b)(4) shall apply to distributions made after December 31, 2015.