Sec. 12001. Repeal of tax for corporations

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Section 55(a) is amended by striking There and inserting In the case of a taxpayer other than a corporation, there . Section 38(c)(6) is amended by adding at the end the following new subparagraph: In the case of a corporation, this subsection shall be applied by treating the corporation as having a tentative minimum tax of zero. . Section 55(b)(1) is amended to read as follows: The tentative minimum tax for the taxable year is the sum of— 26 percent of so much of the taxable excess as does not exceed $175,000, plus 28 percent of so much of the taxable excess as exceeds $175,000.

The amount determined under the preceding sentence shall be reduced by the alternative minimum tax foreign tax credit for the taxable year. For purposes of this subsection, the term taxable excess means so much of the alternative minimum taxable income for the taxable year as exceeds the exemption amount. In the case of a married individual filing a separate return, subparagraph

(A)shall be applied by substituting 50 percent of the dollar amount otherwise applicable under clause

(i)and cause

(ii)thereof. For purposes of the preceding sentence, marital status shall be determined under section 7703. . Section 59(a) is amended— by striking subparagraph (A)(i) or (B)(i) of section 55(b)(1) (whichever applies) in lieu of the highest rate of tax specified in section 1 or 11 (whichever applies) in paragraph (1)(C) and inserting section 55(b)(1) in lieu of the highest rate of tax specified in section 1 , and in paragraph (2), by striking means and all that follows and inserting means the amount determined under the first sentence of section 55(b)(1). . Section 897(a)(2)(A) is amended by striking section 55(b)(1)(A) and inserting section 55(b)(1) . Section 911(f) is amended— in paragraph (1)(B)— by striking section 55(b)(1)(A)(ii) and inserting section 55(b)(1)(B) , and by striking section 55(b)(1)(A)(i) and inserting section 55(b)(1)(A) , and in paragraph (2)(B), by striking section 55(b)(1)(A)(ii) each place it appears and inserting section 55(b)(1)(B) . Section 55(c)(1) is amended by striking , the section 936 credit allowable under section 27(b), and the Puerto Rico economic activity credit under section 30A . Section 55(d) is amended— by striking paragraph

(2)and redesignating paragraphs

(3)and

(4)as paragraphs

(2)and (3), respectively, in paragraph

(2)(as so redesignated), by inserting and at the end of subparagraph (B), by striking , and at the end of subparagraph

(C)and inserting a period, and by striking subparagraph (D), and in paragraph

(3)(as so redesignated)— by striking (b)(1)(A)(i) in subparagraph (B)(i) and inserting (b)(1)(A) , and by striking paragraph

(3)in subparagraph (B)(iii) and inserting paragraph

(2). Section 55 is amended by striking subsection (e). Section 56 is amended by striking subsections

(c)and (g). Section 847 is amended by striking the last sentence of paragraph (9). Section 848 is amended by striking subsection (i). Section 58(a) is amended by striking paragraph

(3)and redesignating paragraph

(4)as paragraph (3). Section 59 is amended by striking subsections

(b)and (f). Section 11(d) is amended by striking the taxes imposed by subsection

(a)and section 55 and inserting the tax imposed by subsection

(a). Section 12 is amended by striking paragraph (7). Section 168(k) is amended by striking paragraph (4). Section 882(a)(1) is amended by striking , 55, . Section 962(a)(1) is amended by striking sections 11 and 55 and inserting section 11 . Section 1561(a) is amended— by inserting and at the end of paragraph (1), by striking , and at the end of paragraph

(2)and inserting a period, and by striking paragraph (3), and by striking the last sentence. Section 6425(c)(1)(A) is amended to read as follows: the tax imposed by section 11 or 1201(a), or subchapter L of chapter 1, whichever is applicable, over . Section 6655(e)(2) is amended by striking and alternative minimum taxable income each place it appears in subparagraphs

(A)and (B)(i). Section 6655(g)(1)(A) is amended by inserting plus at the end of clause (i), by striking clause (ii), and by redesignating clause

(iii)as clause (ii). The amendments made by this section shall apply to taxable years beginning after December 31, 2017.