Restoring America's Competitiveness in Enterprise (RACE) Act of 2013

Bill: 113-s-151
Sponsor: full_name: Sen. Johanns, Mike [R-NE]
Introduced: 2013-01-24
Policy area: Taxation
Subjects: Corporate finance and management

Income tax rates
Latest action: action_date: 2013-01-24
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2013-01-24
action_desc: Introduced in Senate
text: <p>Restoring America's Competitiveness in Enterprise (RACE) Act of 2013 - Amends the Internal Revenue Code to reduce the maximum income tax rate on corporations, including personal service corporations, to 20% of taxable income over $50,000.</p>

tv_txt: II 113th CONGRESS 1st Session S. 151 IN THE SENATE OF THE UNITED STATES January 24 (legislative day, January 3), 2013 Mr. Johanns introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to reduce the maximum rate of tax on the income of corporations to 20 percent.

1. Short title This Act may be cited as the Restoring America’s Competitiveness in Enterprise (RACE) Act of 2013 . 2. Reduction in corporate tax rate (a) In general Subsection (b) of section 11 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) 20 percent of so much of the taxable income as exceeds $50,000. . (b) Effective date The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.