Section 1 Short title
This Act may be cited as the “Incentivize Corporate America Act of 2015”.
Incentivize Corporate America Act of 2015
A BILL
To amend the Internal Revenue Code of 1986 to reduce the corporate income tax rate to 20 percent.
Sec. 2 20-percent corporate tax rate
In general— Subsection (b) of section 11 of the Internal Revenue Code of 1986 is amended to read as follows:
“(b) Amount of tax—The amount of the tax imposed by subsection (a) shall be 20 percent of taxable income.”
Conforming amendments—
Paragraphs (2)(B) and (6)(A)(ii) of section 860E(e) of such Code are each amended by striking “section 11(b)(1)” and inserting “section 11(b)”.
Section 1445(e)(1) of such Code is amended—
by striking “35 percent” and inserting “the rate of tax in effect for the taxable year under section 11(b)”, and
by striking “of the gain” and inserting “multiplied by the gain”.
Section 1445(e)(2) of such Code is amended by striking “35 percent of the amount” and inserting “the rate of tax in effect for the taxable year under section 11(b) multiplied by the amount”.
Section 1445(e)(6) of such Code is amended—
by striking “35 percent” and inserting “the rate of tax in effect for the taxable year under section 11(b)”, and
by striking “of the amount” and inserting “multiplied by the amount”.
Section 1446(b)(2)(B) of such Code is amended by striking “section 11(b)(1)” and inserting “section 11(b)”.
Section 852(b)(1) of such Code is amended by striking the last sentence.
Section 7874(e)(1)(B) of such Code is amended by striking “section 11(b)(1)” and inserting “section 11(b)”.
Effective date—
In general— Except as otherwise provided in this subsection, the amendments made by this section shall apply to taxable years beginning after December 31, 2015.
Withholding— The amendments made by subsection (b)(2) shall apply to distributions made after December 31, 2015.