To amend the Internal Revenue Code of 1986 to reduce the highest rate of income tax for corporations.

Amends the Internal Revenue Code to reduce the highest rate of income tax for corporations to 30 percent (32 percent in the case of taxable years beginning in 2004, 2005, or 2006) of so much of the taxable income as exceeds $75,000.

[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3343 Introduced in House (IH)]






108th CONGRESS
  1st Session
                                H. R. 3343

 To amend the Internal Revenue Code of 1986 to reduce the highest rate 
                    of income tax for corporations.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 20, 2003

 Mr. Collins 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 reduce the highest rate 
                    of income tax for corporations.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. REDUCTION IN HIGHEST RATE OF INCOME TAX FOR CORPORATIONS.

    (a) In General.--Paragraph (1) of section 11(b) 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 subpargraph (B) the following new subparagraph:
                    ``(C) 30 percent (32 percent in the case of taxable 
                years beginning in 2004, 2005, or 2006) of so much of 
                the taxable income as exceeds $75,000.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2003.
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