,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #bjgh  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #f1 #bjag,mr4  
,williams introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,ways &      
,means  ,a ,,bill  ,to am5d ! ,int]nal  
,rev5ue ,code ( #aihf to simplify       
individual income & corporate tax rates1
 to set a maximum on ! capital ga9s     
rate1 to make p]man5t ! d$uction =      
divid5ds receiv$ = repatriat$ =eign     
e>n+s1 to r$uce ! rate ( payroll &      
self-employm5t taxes1 to make #ajj-p]c5t
 bonus depreciation p]man5t1 & to repeal
 ! ,f$]al e/ate & gift taxes4  #a4 ,%ort
 title2 table ( cont5ts  7a7 ,%ort title
 ,?is ,act may be cit$ z ! ,jump ,/>t   
,am]ica ,act ( #bjag4  7b7 ,table (     
cont5ts ,! table ( cont5ts = ?is ,act is
 z foll[s3  ,sec4 #a4 ,%ort title2 table
 ( cont5ts4 ,title ,i--,simplifi$       
individual income tax rates ,sec4 #aja4 
,simplifi$ individual income tax rates4 
,title ,,ii--#bj-,p]c5t ,corporate ,tax 
,rate ,sec4 #bja4 #bj-p]c5t corporate   

tax rate4 ,title ,,iii--#ae-,p]c5t      
,maximum ,capital ,ga9s ,rate ,sec4     
#cja4 #ae-p]c5t maximum capital ga9s    
rate4 ,title ,,iv--,modification &      
,p]man5t ,ext5sion ( ! ,inc5tives to    
,re9ve/ ,=eign ,e>n+s 9 ! ,unit$ ,/ates 
,sec4 #dja4 ,modification & p]man5t     
ext5sion ( ! inc5tives to re9ve/ =eign  
e>n+s 9 ! ,unit$ ,/ates4 ,title         
,v--,bonus depreciation increas$ to #ajj
 p]c5t & made p]man5t ,sec4 #eja4 ,bonus
 depreciation increas$ to #ajj p]c5t &  
made p]man5t4 ,title ,,vi--,,fica &     
,,seca ,tax ,rate ,r$uctions ,sec4 #fja4
 ,,fica tax rate r$uctions4 ,sec4 #fjb4 
,,seca tax rate r$uctions4 ,title       
,,vii--,repeal ( e/ate & gift taxes     
,sec4 #gja4 ,repeal ( e/ate & gift      
taxes4  ,i ,simplifi$ individual income 
tax rates  #aja4 ,simplifi$ individual  
income tax rates  7a7 ,9 g5]al ,section 
#a7;i7 ( ! ,int]nal ,rev5ue ,code (     
#aihf is am5d$ by /rik+ p>agraphs 7#b7 &
 7#c71 by r$esignat+ p>agraph 7#d7 z    
p>agraph 7#c71 & by ins]t+ aft] p>agraph

 7#a7 ! foll[+ new p>agraph3  7#b7 #bj- 
& #cj-p]c5t rate brackets  7,a7 ,9 g5]al
 ,9 ! case ( taxable ye>s beg9n+ aft]   
,decemb] #ca1 #bjae1 ! rate ( tax "u    
subsections 7a71 7b71 7c71 & 7d7 on     
taxable income :i* w\ld 7)\t reg>d to   
?is p>agraph7 be tax$ at a rate ov] #ae 
p]c5t %all be--  7i7 #bj p]c5t on       
taxable income n ov] #a1jjj1jjj1 &  7ii7
 #cj p]c5t on taxable income ov]        
#a1jjj1jjj4  7,b7 ,inflation adju/m5t ,9
 prescrib+ ! tables "u subsection 7f7   
:i* apply ) respect to taxable ye>s     
beg9n+ aft] #bjaf1 ! #a1jjj1jjj am\nt 9 
subp>agraph 7,a7 %all be increas$ by an 
am\nt equal to--  7i7 su* doll> am\nt1  
multipli$ by  7ii7 ! co/-(-liv+ adju/m5t
 det]m9$ "u subsection 7f77#c7 = !      
cal5d> ye> 9 :i* ! taxable ye> beg9s    
det]m9$ by sub/itut+ cal5d> ye> #bjae = 
cal5d> ye> #aiib 9 subp>agraph 7,b7     
!re(4  ,if any adju/m5t "u ! prec$+     
s5t5ce is n a multiple ( #ajj1 su* am\nt
 %all be r\nd$ to ! next l[e/ multiple (
 #ajj4  4  7b7 ,effective date ,!       

am5dm5ts made by ?is section %all apply 
to taxable ye>s beg9n+ aft] ,decemb]    
#ca1 #bjag4  ,,ii #bj-,p]c5t ,corporate 
,tax ,rate  #bja4 #bj-p]c5t corporate   
tax rate  7a7 ,9 g5]al ,subsection 7b7 (
 section #aa ( ! ,int]nal ,rev5ue ,code 
( #aihf is am5d$ to read z foll[s3  7b7 
,am\nt ( tax ,! am\nt ( ! tax impos$ by 
subsection 7a7 %all be #bj p]c5t (      
taxable income4  4  7b7 ,con=m+ am5dm5ts
  7#a7 ,p>agraphs 7#b77;,b7 &           
7#f77;,a77ii7 ( section #hfj;,e7e7 ( su*
 ,code are ea* am5d$ by /rik+ section   
#aa7;b77#a7 & ins]t+ section #aa7;b74   
7#b7  7,a7 ,section #adde7;e77#a7 ( su* 
,code is am5d$-- 7i7 by /rik+ #ce p]c5t 
& ins]t+ ! rate ( tax 9 effect = !      
taxable ye> "u section #aa7;b71 &  7ii7 
by /rik+ ( ! ga9 & ins]t+ multipli$ by !
 ga94  7,b7 ,section #adde7;e77#b7 ( su*
 ,code is am5d$ by /rik+ #ce p]c5t ( !  
am\nt & ins]t+ ! rate ( tax 9 effect = !
 taxable ye> "u section #aa7;b7         
multipli$ by ! am\nt4  7,c7 ,section    
#adde7;e77#f7 ( su* ,code is am5d$-- 7i7

 by /rik+ #ce p]c5t & ins]t+ ! rate (   
tax 9 effect = ! taxable ye> "u section 
#aa7;b71 &  7ii7 by /rik+ ( ! am\nt &   
ins]t+ multipli$ by ! am\nt4  7,d7      
,section #addf7;b77#b77;,b7 ( su* ,code 
is am5d$ by /rik+ section #aa7;b77#a7 & 
ins]t+ section #aa7;b74  7#c7 ,section  
#heb7;b77#a7 ( su* ,code is am5d$ by    
/rik+ ! la/ s5t5ce4  7#d7 ,section      
#ghgd7;e77#a77;,b7 ( su* ,code is am5d$ 
by /rik+ section #aa7;b77#a7 & ins]t+   
section #aa7;b74  7c7 ,effective date   
7#a7 ,9 g5]al ,except z o!rwise provid$ 
9 ?is subsection1 ! am5dm5ts made by ?is
 section %all apply to taxable ye>s     
beg9n+ aft] ,decemb] #ca1 #bjag4  7#b7  
,)hold+ ,! am5dm5ts made by subsection  
7b77#b7 %all apply to di/ributions made 
aft] ,decemb] #ca1 #bjag4  ,,iii        
#ae-,p]c5t ,maximum ,capital ,ga9s ,rate
  #cja4 #ae-p]c5t maximum capital ga9s  
rate  7a7 ,9 g5]al ,section #a7;h77#a7 (
 ! ,int]nal ,rev5ue ,code ( #aihf is    
am5d$ by /rik+ subp>agraphs 7,c7 & 7,d71
 by r$esignat+ subp>agraphs 7,e7 & 7,f7 

z subp>agraphs 7,d7 & 7,e71             
respectively1 & by ins]t+ aft]          
subp>agraph 7,b7 ! foll[+ new           
subp>agraph3  7,c7 #ae p]c5t ( ! adju/$ 
net capital ga9 7or1 if less1 taxable   
income7 9 excess ( ! am\nt on :i* a tax 
is det]m9$ "u subp>agraph 7,b74  4  7b7 
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ,decemb] #ca1 #bjag4  ,,iv  
,modification & ,p]man5t ,ext5sion ( !  
,inc5tives to ,re9ve/ ,=eign ,e>n+s 9 ! 
,unit$ ,/ates  #dja4 ,modification &    
p]man5t ext5sion ( ! inc5tives to re9ve/
 =eign e>n+s 9 ! ,unit$ ,/ates  7a7     
,repatriation subject to #e-,p]c5t tax  
rate ,section #ife7;a77#a7 ( ! ,int]nal 
,rev5ue ,code ( #aihf is am5d$ by /rik+ 
#he p]c5t & ins]t+ #he4g p]c5t4  7b7    
,p]man5t ext5sion ,to elect repatriation
 ,section #ife7;f7 ( su* ,code is am5d$ 
to read z foll[s3  7f7 ,election ,!     
taxpay] may elect to apply ?is section  
to any taxable ye> only if made on or   
be=e ! due date 7includ+ ext5sions7 =   

fil+ ! return ( tax = su* taxable ye>4  
4  7c7 ,repatriation includes curr5t &  
accumulat$ =eign e>n+s  7#a7 ,9 g5]al   
,section #ife7;b77#a7 ( su* ,code is    
am5d$ to read z foll[s3  7#a7 ,9 g5]al  
,! am\nt ( divid5ds tak5 into acc\nt "u 
subsection 7a7 %all n exce$ ! sum ( !   
curr5t & accumulat$ e>n+s & pr(its      
describ$ 9 section #iei7;c77#c7 = ! ye> 
a d$uction is claim$ "u subsection 7a71 
)\t dim9ution by reason ( any           
di/ributions made dur+ ! election ye>1 =
 all controll$ =eign corporations ( !   
,unit$ ,/ates %>ehold]4  4  7#b7 ,con=m+
 am5dm5ts  7,a7 ,section #ife7;b7 ( su* 
,code is am5d$ by /rik+ p>agraph 7#b7 & 
by r$esignat+ p>agraphs 7#c7 & 7#d7 z   
p>agraphs 7#b7 & 7#c71 respectively4    
7,b7 ,section #ife7;c7 ( su* ,code is   
am5d$ by /rik+ p>agraphs 7#a7 & 7#b7 &  
by r$esignat+ p>agraphs 7#c71 7#d71 &   
7#e7 z p>agraphs 7#a71 7#b71 & 7#c71    
respectively4  7,c7 ,section            
#ife7;c77#c7 ( su* ,code1 z r$esignat$  
by subp>agraph 7,b71 is am5d$ to read z 

foll[s3  7#c7 ,controll$ gr\ps ,all     
,unit$ ,/ates %>ehold]s :i* are memb]s (
 an affiliat$ gr\p fil+ a consolidat$   
return "u section #aeja %all be treat$ z
 "o ,unit$ ,/ates %>ehold]4  4  7d7     
,cl]ical am5dm5ts  7#a7 ,! head+ =      
section #ife ( su* ,code is am5d$ by    
/rik+ tempor>y4  7#b7 ,! table (        
sections = subp>t ,f ( "p ,,iii (       
sub*apt] ,n ( *apt] #a ( su* ,code is   
am5d$ by /rik+ ,tempor>y divid5ds &     
ins]t+ ,divid5ds4  7e7 ,effective date  
,! am5dm5ts made by ?is section %all    
apply to taxable ye>s end+ aft] ! date (
 ! enactm5t ( ?is ,act4  ,v ,bonus      
depreciation increas$ to #ajj p]c5t &   
made p]man5t  #eja4 ,bonus depreciation 
increas$ to #ajj p]c5t & made p]man5t   
7a7 ,increase ,section #afh7k77#a77;,a7 
( ! ,int]nal ,rev5ue ,code ( #aihf is   
am5d$ by /rik+ #ej p]c5t & ins]t+ #ajj  
p]c5t4  7b7 ,made p]man5t ,section      
#afh7k77#b7 ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$ to read z foll[s3  7#b7 
,qualifi$ prop]ty ,= purposes ( ?is     

subsection-- 7,a7 ,9 g5]al ,! t]m       
qualifi$ prop]ty means prop]ty--  7i7   
7,i7 to :i* ?is section applies :i* has 
a recov]y p]iod ( #bj ye>s or less1     
7,,ii7 :i* is comput] s(tw>e 7z def9$ 9 
section #afg7;f77#a77;,b77 = :i* a      
d$uction is all[able "u section #afg7;a7
 )\t reg>d to ?is subsection1  7,,iii7  
:i* is wat] utility prop]ty1 or  7,,iv7 
:i* is qualifi$ leasehold improvem5t    
prop]ty1 &  7ii7 ! orig9al use ( :i*    
comm5ces ) ! taxpay]4  7,b7 ,exception =
 alt]native depreciation prop]ty ,! t]m 
qualifi$ prop]ty %all n include any     
prop]ty to :i* ! alt]native depreciation
 sy/em "u subsection 7g7 applies1       
det]m9$--  7i7 )\t reg>d to p>agraph    
7#g7 ( subsection 7g7 7relat+ to        
election to h sy/em apply71 &  7ii7 aft]
 application ( section #bhj;,f7b7       
7relat+ to li/$ prop]ty ) limit$ bus9ess
 use74  7,c7 ,special rules  7i7        
,sale-leasebacks ,= purposes ( clause   
7ii7 & subp>agraph 7,a77ii71 if prop]ty 
is-- 7,i7 orig9ally plac$ 9 s]vice by a 

p]son1 &  7,,ii7 sold & leas$ back by   
su* p]son )9 #c mon?s aft] ! date su*   
prop]ty 0 orig9ally plac$ 9 s]vice1  su*
 prop]ty %all be treat$ z orig9ally     
plac$ 9 s]vice n e>li] ?an ! date on :i*
 su* prop]ty is us$ "u ! leaseback      
ref]r$ to 9 subclause 7,,ii74  7ii7     
,syndication ,= purposes ( subp>agraph  
7,a77ii71 if-- 7,i7 prop]ty is orig9ally
 plac$ 9 s]vice by ! lessor ( su*       
prop]ty1  7,,ii7 su* prop]ty is sold by 
su* lessor or any subsequ5t pur*as] )9  
#c mon?s aft] ! date su* prop]ty 0      
orig9ally plac$ 9 s]vice 7or1 9 ! case (
 multiple units ( prop]ty subject to !  
same lease1 )9 #c mon?s aft] ! date !   
f9al unit is plac$ 9 s]vice1 s long z ! 
p]iod betwe5 ! "t ! fir/ unit is plac$ 9
 s]vice & ! "t ! la/ unit is plac$ 9    
s]vice does n exce$ #ab mon?s71 &       
7,,iii7 ! us] ( su* prop]ty aft] ! la/  
sale dur+ su* #c-mon? p]iod rema9s !    
same z :5 su* prop]ty 0 orig9ally plac$ 
9 s]vice1  su* prop]ty %all be treat$ z 
orig9ally plac$ 9 s]vice n e>li] ?an !  

date ( su* la/ sale4  7,d7 ,coord9ation 
) section #bhj;f ,= purposes ( section  
#bhj;,f-- 7i7 ,automobiles ,9 ! case ( a
 pass5g] automobile 7z def9$ 9 section  
#bhj;,f7d77#e77 :i* is qualifi$ prop]ty1
 ! ,secret>y %all increase ! limitation 
"u section #bhj;,f7a77#a77;,a77i7 by    
#h1jjj4  7ii7 ,li/$ prop]ty ,! d$uction 
all[able "u p>agraph 7#a7 %all be tak5  
into acc\nt 9 comput+ any recapture     
am\nt "u section #bhj;,f7b77#b74  7iii7 
,inflation adju/m5t ,9 ! case ( any     
taxable ye> beg9n+ 9 a cal5d> ye> aft]  
#bjah1 ! #h1jjj am\nt 9 clause 7i7 %all 
be increas$ by an am\nt equal to--  7,i7
 su* doll> am\nt1 multipli$ by  7,,ii7 !
 automobile price inflation adju/m5t    
det]m9$ "u section                      
#bhj;,f7d77#g77;,b77i7 = ! cal5d> ye> 9 
:i* su* taxable ye> beg9s by sub/itut+  
#bjag = #aihg 9 subclause 7,,ii7 !re(4  
,if any increase "u ! prec$+ s5t5ce is n
 a multiple ( #ajj1 su* increase %all be
 r\nd$ to ! ne>e/ multiple ( #ajj4  7,e7
 ,d$uction all[$ 9 comput+ m9imum tax ,=

 purposes ( det]m9+ alt]native m9imum   
taxable income "u section #ee1 !        
d$uction "u section #afg = qualifi$     
prop]ty %all be det]m9$ )\t reg>d to any
 adju/m5t "u section #ef4  4  7c7       
,effective date ,! am5dm5ts made by ?is 
section %all apply to prop]ty plac$ 9   
s]vice aft] ,decemb] #ca1 #bjag4  ,,vi  
,,fica & ,,seca ,tax ,rate ,r$uctions   
#fja4 ,,fica tax rate r$uctions  7a7    
,old-,age1 survivors1 & disability      
insurance ,sections #caja7;a7 &         
#caaa7;a7 ( ! ,int]nal ,rev5ue ,code (  
#aihf are ea* am5d$ by /rik+ #f4b p]c5t 
& ins]t+ #c4a p]c5t4  7b7 ,hospital     
insurance  7#a7 ,employees ,section     
#caja7;b7 ( su* ,code is am5d$--  7,a7  
by /rik+ #a4de p]c5t 9 p>agraph 7#a7 &  
ins]t+ #j4gbe p]c5t1 &  7,b7 by /rik+   
#j4i p]c5t 9 p>agraph 7#b7 & ins]t+     
#j4de p]c5t4  7#b7 ,employ]s ,section   
#caaa7;b7 ( su* ,code is am5d$ by /rik+ 
#a4de p]c5t & ins]t+ #j4gbe p]c5t4  7c7 
,effective date ,! am5dm5ts made by ?is 
section %all apply remun]ation paid aft]

 ,decemb] #ca1 #bjag4  #fjb4 ,,seca tax 
rate r$uctions  7a7 ,old-,age1          
survivors1 & disability insurance       
,section #adja7;a7 ( ! ,int]nal ,rev5ue 
,code ( #aihf is am5d$-- 7#a7 by /rik+  
all t foll[s = su* taxable ye> & ins]t+ 
a p]iod1 &  7#b7 by /rik+ ! foll[+ p]c5t
 & ins]t+ #f4b p]c5t4  7b7 ,hospital    
insurance ,section #adja7;b7 ( su* ,code
 is am5d$--  7#a7 by /rik+ all t foll[s 
= su* taxable ye> 9 p>agraph 7#a7 &     
ins]t+ a p]iod1  7#b7 by /rik+ ! foll[+ 
p]c5t 9 p>agraph 7#a7 & ins]t+ #a4de    
p]c5t1 &  7#c7 by /rik+ #j4i p]c5t 9    
p>agraph 7#b77;,a7 & ins]t+ #j4de4  7c7 
,effective date ,! am5dm5ts made by ?is 
section %all apply ) respect to         
remun]ation receiv$ aft] ,decemb] #ca1  
#bjag4  ,,vii ,repeal ( e/ate & gift    
taxes  #gja4 ,repeal ( e/ate & gift     
taxes  7a7 ,9 g5]al ,subtitle ,b ( !    
,int]nal ,rev5ue ,code ( #aihf 7relat+  
to e/ate1 gift1 & g5]ation-skipp+ taxes7
 is h]eby repeal$4  7b7 ,effective date 
,! repeal made by subsection 7a7 %all   

apply to e/ates ( dec$5ts dy+1 gifts    
made1 & g5]ation-skipp+ transf]s made   
aft] ! date ( ! enactm5t ( ?is ,act4