Sec. 201 Corporate income tax rate reduced
In general— Not later than 1 year after the date of the enactment of this Act, the Secretary of the Treasury shall prescribe a rate of tax in lieu of the rates under paragraphs (1) and (2) of section 11(b), section 1201(a), and paragraphs (1), (2), and (6) of section 1445(e) to such a flat rate as the Secretary estimates would result in—
a decrease in revenue to the Treasury for taxable years beginning during the 10-year period beginning on the date of the enactment of this Act, equal to
the increase in revenue for such taxable years by reason of the amendments made by title I of this Act.
Effective date— The rate prescribed by the Secretary under subsection (a) shall apply to taxable years beginning more than 1 year after the date of the enactment of this Act.