Bill > HR934

This bill proposes to amend the Internal Revenue Code of 1986 to establish a flat corporate income tax rate of 18 percent on all taxable income, which is the profit a company earns after deducting expenses. This change would apply to all corporations, including personal service corporations, which are businesses where the principal activity is the performance of personal services. The bill also makes conforming amendments to other sections of the tax code that reference the previous corporate tax rate, which was 35 percent for most corporations. The effective date for these changes is for taxable years beginning after December 31, 2010.