Grow American Investment Now Jobs Act of 2008

Grow American Investment Now Jobs Act of 2008 - Amends the Internal Revenue Code to reduce the maximum income tax rate on corporations, including personal service corporations, from 35 to 25%.

[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5169 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 5169

 To amend the Internal Revenue Code of 1986 to reduce marginal income 
                       tax rates on corporations.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 29, 2008

  Mr. Cantor 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 marginal income 
                       tax rates on corporations.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Grow American Investment Now Jobs 
Act of 2008''.

SEC. 2. REDUCTION IN CORPORATE MARGINAL INCOME TAX RATES.

    (a) General Rule.--Paragraph (1) of section 11(b) of the Internal 
Revenue Code of 1986 is amended--
            (1) by inserting ``and'' at the end of subparagraph (A),
            (2) by striking ``but does not exceed $75,000,'' in 
        subparagraph (B) and inserting a period,
            (3) by striking subparagraphs (C) and (D), and
            (4) by striking the last 2 sentences.
    (b) Personal Service Corporations.--Paragraph (2) of section 11(b) 
of such Code is amended by striking ``35 percent'' and inserting ``25 
percent''.
    (c) Conforming Amendments.--Paragraphs (1) and (2) of section 
1445(e) of such Code are each amended by striking ``35 percent'' and 
inserting ``25 percent''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act, except that the amendments made by subsection (c) shall take 
effect on such date.
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