End Tax Uncertainty Act of 2011 - Makes permanent: (1) the Economic Growth and Tax Relief Reconciliation Act of 2001; (2) provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 that reduce income tax rates on dividend and capital gains income; and (3) the repeal of the estate, gift, and generation-skipping transfer taxes.
Amends the Internal Revenue Code to: (1) repeal the alternative minimum tax (AMT) on individual taxpayers; and (2) reduce to 25% the maximum income tax rate on corporations, including personal service corporations.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 86 Introduced in House (IH)]
112th CONGRESS
1st Session
H. R. 86
To prevent pending tax increases, permanently repeal estate and gift
taxes, and permanently repeal the alternative minimum tax on
individuals, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 5, 2011
Mrs. Bachmann (for herself, Mr. King of Iowa, and Mr. Schilling)
introduced the following bill; which was referred to the Committee on
Ways and Means
_______________________________________________________________________
A BILL
To prevent pending tax increases, permanently repeal estate and gift
taxes, and permanently repeal the alternative minimum tax on
individuals, 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 ``End Tax Uncertainty Act of 2011''.
SEC. 2. EGTRRA AND JGTRRA TAX RELIEF MADE PERMANENT.
(a) Economic Growth and Tax Relief Reconciliation Act of 2001.--
Title IX of the Economic Growth and Tax Relief Reconciliation Act of
2001 is hereby repealed.
(b) Income Tax Rates on Dividends and Net Capital Gain.--Section
303 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 is
hereby repealed.
(c) Effective Date.--The amendments made by this section shall take
effect on the date of the enactment of this Act.
SEC. 3. ESTATE AND GIFT TAX PERMANENTLY REPEALED.
Effective for estates of decedents dying, gifts made, or generation
skipping transfers, after December 31, 2010, subtitle B of the Internal
Revenue Code of 1986 is repealed.
SEC. 4. REPEAL OF ALTERNATIVE MINIMUM TAX ON INDIVIDUALS.
(a) In General.--Subsection (a) of section 55 (relating to
alternative minimum tax imposed) is amended by adding at the end the
following new flush sentence:
``Except in the case of a corporation, no tax shall be imposed by this
section for any taxable year beginning after December 31, 2007, and the
tentative minimum tax of any taxpayer other than a corporation for any
such taxable year shall be zero for purposes of this title.''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2010.
SEC. 5. MAXIMUM CORPORATE INCOME TAX RATE REDUCED TO 25 PERCENT.
(a) In General.--Paragraph (1) of section 11(b) of the Internal
Revenue Code of 1986 is amended by striking ``but does not exceed
$75,000'' and all that follows and inserting a period.
(b) Personal Service Corporations.--Paragraph (2) of section 11(b)
of such Code is amended by striking ``35 percent'' and inserting ``25
percent''.
(c) Conforming Amendments.--
(1) Subsection (a) of section 1201 of such Code is amended
by striking ``35 percent'' each place it appears and inserting
``25 percent''.
(2) Paragraphs (1) and (2) of section 1445(e) of such Code
are each amended by striking ``35 percent'' and inserting ``25
percent''.
(d) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2010.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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