Strengthen American Manufacturers Act of 2008 - Amends the Internal Revenue Code to: (1) make permanent the tax credit for increasing research activities; (2) increase to 20% the rate of the alternative simplified tax credit for research expenses; (3) make permanent the increased expensing allowance for depreciable business property; and (4) reduce to 30% the maximum income tax rate for corporations.
Directs the Comptroller General to conduct studies of: (1) the impact of workplace employee health care facilities on employee health and and productivity; and (2) the best practices for encouraging college graduates from rural areas to return to those areas after graduation.
[Congressional Bills 110th Congress]
[From the U.S. Government Printing Office]
[H.R. 6611 Introduced in House (IH)]
110th CONGRESS
2d Session
H. R. 6611
To amend the Internal Revenue Code of 1986 to make the research credit
permanent, increase expensing for small businesses, reduce corporate
tax rates, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 24, 2008
Mr. Carney (for himself and Mr. Gerlach) 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 make the research credit
permanent, increase expensing for small businesses, reduce corporate
tax rates, and for other purposes.
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 ``Strengthen American Manufacturers
Act of 2008''.
SEC. 2. RESEARCH CREDIT MADE PERMANENT.
(a) In General.--Section 41 of the Internal Revenue Code of 1986
(relating to credit for increasing research activities) is amended by
striking subsection (h).
(b) Conforming Amendment.--Paragraph (1) of section 45C(b) of such
Code is amended by striking subparagraph (D).
(c) Effective Date.--The amendments made by this section shall
apply to amounts paid or incurred after December 31, 2007.
SEC. 3. INCREASE IN RATE OF ALTERNATIVE SIMPLIFIED CREDIT.
(a) In General.--Subparagraph (A) of section 41(c)(5) of the
Internal Revenue Code of 1986 (relating to election of alternative
simplified credit) is amended by striking ``12 percent'' and inserting
``20 percent''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2007.
SEC. 4. REPEAL THE ALTERNATIVE INCREMENTAL CREDIT.
(a) In General.--Section 41(c) of the Internal Revenue Code of
1986, as amended by section 3, is amended by striking paragraph (4) and
by redesignating paragraphs (5), (6), and (7) as paragraphs (4), (5),
and (6), respectively.
(b) Conforming Amendment.--Section 41(c)(4)(C) of such Code, as
amended by subsection (a), is amended by striking the last sentence.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2007.
SEC. 5. INCREASED SECTION 179 EXPENSING MADE PERMANENT.
(a) Dollar Limitation.--Paragraph (1) of section 179(b) of the
Internal Revenue Code of 1986 is amended by striking ``$25,000
($125,000 in the case of taxable years beginning after 2006 and before
2011)'' and inserting ``$250,000''.
(b) Phaseout Threshold.--Paragraph (2) of section 179(b) of such
Code is amended by striking ``$200,000 ($500,000 in the case of taxable
years beginning after 2006 and before 2011)'' and inserting
``$800,000''.
(c) Conforming Amendments.--
(1) Subparagraph (A) of section 179(b)(5) of such Code is
amended--
(A) by striking ``and before 2011, the $125,000 and
$500,000 amounts'' and inserting ``, the $250,000 and
$800,000 amounts'', and
(B) by striking ``calendar year 2006'' and
inserting ``calendar year 2007''.
(2) Section 179(b) of such Code is amended by striking
paragraph (7).
(3) Paragraph (2) of section 179(c) of such Code is amended
by striking ``and before 2011''.
(d) Effective Date.--The amendments made by this section shall
apply to property placed in service after December 31, 2008.
SEC. 6. REDUCTION IN TOP CORPORATE MARGINAL RATE.
(a) In General.--Paragraph (1) of section 11(b) of the Internal
Revenue Code of 1986 (relating to amount of tax) is amended--
(1) by inserting ``and'' at the end of subparagraph (B),
(2) by striking subparagraphs (C) and (D) and inserting the
following:
``(C) 30 percent of so much of the taxable income
as exceeds $75,000.'', and
(3) by striking ``$11,750'' and all that follows and
inserting ``$9,125.''
(b) Personal Service Corporations.--Paragraph (2) of section 11(b)
of such Code is amended by striking ``35 percent'' and inserting ``30
percent''.
(c) Conforming Amendments.--Paragraphs (1) and (2) of section
1445(e) of such Code are each amended by striking ``35 percent'' and
inserting ``30 percent''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2008, except that
the amendments made by subsection (c) shall take effect on January 1,
2009.
SEC. 7. STUDIES.
(a) Workplace Employee Health Care Facilities.--The Comptroller
General of the United States shall conduct a study of the impact of
workplace employee health care facilities on employee health and
productivity. The results of such study shall be submitted to the
Congress within 1 year after the date of the enactment of this Act.
(b) Retention of Students in Rural Communities.--The Comptroller
General of the United States shall conduct a study of the best
practices for encouraging college graduates from rural areas to return
to those areas after graduation. The results of such study shall be
submitted to the Congress within 1 year after the date of the enactment
of this Act.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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