..................................................................... (Original Signature of Member)
112
TH
CONGRESS 1
ST
S
ESSION
H. R.
ll
To amend the Internal Revenue Code of 1986 to repeal the corporate income tax.
IN THE HOUSE OF REPRESENTATIVES
Mr. G
OHMERT
introduced the following bill; which was referred to the Committee on
llllllllllllll
A BILL
To amend the Internal Revenue Code of 1986 to repeal the corporate income tax.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘American Jobs Act
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of 2011’’.
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SEC. 2. REPEAL OF CORPORATE INCOME TAX.
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(a) I
N
G
ENERAL
.—Subsection (b) of section 11 of the
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Internal Revenue Code of 1986 is amended to read as fol-
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lows:
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2‘‘(b) A
MOUNT OF
T
AX
.—The amount of the tax im-
1
posed by subsection (a) shall be zero percent of taxable
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income.’’.
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(b) R
EPEAL OF
A
LTERNATIVE
M
INIMUM
T
AX FOR
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C
ORPORATIONS
.—Subparagraph (B) of section 55(b)(1)
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of such Code is amended to read as follows:
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‘‘(B) C
ORPORATIONS
.—In the case of a
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corporation, the tentative minimum tax for the
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taxable year is zero.’’.
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(c) C
ONFORMING
A
MENDMENTS
.—
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(1) Paragraphs (1) and (2) of section 1445(e)
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of such Code are each amended by striking ‘‘35 per-
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cent’’ and inserting ‘‘0 percent’’.
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(2) Subparagraph (A) of section 7518(g)(6) of
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such Code is amended by striking ‘‘34 percent’’ and
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inserting ‘‘0 percent’’.
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(3) Paragraph (2) of section 53511(f) of title
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46, United States Code, is mended by striking ‘‘34
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percent’’ and inserting ‘‘0 percent’’.
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(d) E
FFECTIVE
D
ATE
.—The amendments made by
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this section shall apply to taxable years beginning after
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December 31, 2011, except that the amendments made
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by subsection (c) shall take effect on such date.
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