1. Short title
This Act may be cited as the “Restoring Economic Opportunities for Small Family C–Corporations”.
Restoring Economic Opportunities for Small Family C–Corporations
A BILL
To amend the Internal Revenue Code of 1986 to reestablish the 15 percent corporate rate bracket.
2. Reestablishment of 15 percent corporate rate bracket
In general— Section 11(b) of the Internal Revenue Code of 1986 is amended to read as follows:
“(b) Amount of tax—The amount of tax imposed by subsection (a) shall be the sum of—
“(1) 15 percent of so much of the taxable income as does not exceed $50,000, and
“(2) 21 percent of so much of the taxable income as exceeds $50,000.”
Conforming amendment— Section 11 of such Code is amended by adding at the end the following new subsection:
“(e) Treatment of certain references—Any reference in this title (or in any other provision of law) to the rate of tax imposed by this section shall be treated as a reference to the rate of tax specified in subsection (b)(2) unless such reference clearly indicates otherwise.”
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2018.