American Jobs Act of 2011 (Gohmert)

by Louie Gohmert

112th CONGRESS

1st Session

H.R. 2911

To amend the Internal Revenue Code of 1986 to repeal the corporate income tax.

IN THE HOUSE OF REPRESENTATIVES

SEPTEMBER 14, 2011
Mr. GOHMERT (for himself, Mr. BURGESS, Mr. ROSS of Florida, Mr. MICA, and Mr. FARENTHOLD) introduced the following bill; which was referred to the Committee on Ways and Means

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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 Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `American Jobs Act of 2011'.

SEC. 2. REPEAL OF CORPORATE INCOME TAX.

(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 the tax imposed by subsection (a) shall be zero percent of taxable income.’’.

(b) REPEAL OF ALTERNATIVE MINIMUM TAX FOR CORPORATIONS.—Subparagraph (B) of section 55(b)(1) of such Code is amended to read as follows:

‘‘(B) CORPORATIONS.—In the case of a corporation, the tentative minimum tax for the taxable year is zero.’’.

(c) CONFORMING AMENDMENTS.—

(1) Paragraphs (1) and (2) of section 1445(e) of such Code are each amended by striking ‘‘35 percent’’ and inserting ‘‘0 percent’’.

(2) Subparagraph (A) of section 7518(g)(6) of such Code is amended by striking ‘‘34 percent’’ and inserting ‘‘0 percent’’.

(3) Paragraph (2) of section 53511(f) of title 46, United States Code, is amended by striking ‘‘34 percent’’ and inserting ‘‘0 percent’’.

(d) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2011, except that the amendments made by subsection (c) shall take effect on such date.