H.R. 7176 · 115th Congress
Restoring Economic Opportunities for Small Family C-Corporations
- Stage
- In committee
- Sponsor
- Steve King
- Introduced
- 2018-11-27
- Latest action
- 2018-11-27 · Introduced in House
Summary
Restoring Economic Opportunities for Small Family C-Corporations
This bill reinstates (1) the 15% corporate tax bracket for up to $50,000 in taxable income, and (2) the additional tax on corporations with taxable income that exceeds $100,000. The bill limits the additional tax to the lesser of 5% of the excess or $3,000. (Under current law, corporations are taxed at a flat 21% rate.)