,i #aaeth ,,congress #ast ,session ,h4 ,r4 #ecc ,,in ,,the ,,house ,,of ,,representatives ,january #ac1 #bjag,mr4 ,emmer 7for himself and ,mrs4 ,love7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to lower the corporate rate of income tax to the ,,oecd average1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,corporate ,rate ,equality and ,trade ,empowerment ,jobs ,act of #bjag or the ,create ,jobs ,act4 #b4 ,,oecd rate of corporate income tax 7a7 ,in general ,section #aa7;b7 of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7b7 ,amount of tax 7#a7 ,in general ,the amount of the tax imposed by subsection 7a7 shall be an amount equal to the applicable percentage of the taxable income4 7#b7 ,applicable percentage ,for purposes of this section-- 7,a7 ,in general ,subject to section #c of the ,corporate ,rate ,equality and ,trade ,empowerment ,jobs ,act of #bjag1 the applicable percentage for taxable years beginning in any calendar year shall be the greater of-- 7i7 #aj percent1 or 7ii7 the percentage determined by the ,secretary under subparagraph 7,b7 for the taxable year4 7,b7 ,determination by ,secretary ,not later than ,november #a1 #bjag1 and every #e years thereafter1 the ,secretary shall determine the percentage that is #e percentage points less than the mean of the central government corporate income tax rates most recently published as of ,november #a of the preceding calendar year by the ,organisation for ,economic ,co-operation and ,development 7hereinafter referred to as ,,oecd7 for ,,oecd countries other than the ,united ,states4 ,the percentage determined under the preceding sentence shall apply to taxable years beginning in the subsequent calendar year and each of the #d calendar years thereafter4 4 7b7 ,conforming amendments 7#a7 ,paragraphs 7#b77;,b7 and 7#f77;,a77ii7 of section #hfj;,e7e7 of such ,code are each amended by striking the highest rate of tax specified in section #aa7;b77#a7 and inserting the rate of tax in effect for the taxable year under section #aa7;b74 7#b7 7,a7 ,section #adde7;e77#a7 of such ,code is amended-- 7i7 by striking #ce percent and inserting the rate of tax in effect for the taxable year under section #aa7;b71 and 7ii7 by striking of the gain and inserting multiplied by the gain4 7,b7 ,section #adde7;e77#b7 of such ,code is amended by striking #ce percent of the amount and inserting the rate of tax in effect for the taxable year under section #aa7;b7 multiplied by the amount4 7,c7 ,section #adde7;e77#f7 of such ,code is amended-- 7i7 by striking #ce percent and inserting the rate of tax in effect for the taxable year under section #aa7;b71 and 7ii7 by striking of the amount and inserting multiplied by the amount4 7,d7 ,section #addf7;b77#b77;,b7 of such ,code is amended by striking the highest rate of tax specified in section #aa7;b77#a7 and inserting the rate of tax in effect for the taxable year under section #aa7;b74 7#c7 ,section #heb7;b77#a7 of such ,code is amended by striking the last sentence4 7#d7 ,section #ghgd7;e77#a77;,b7 of such ,code is amended by striking the highest rate of tax specified in section #aa7;b77#a7 and inserting the rate of tax in effect for the taxable year under section #aa7;b74 7c7 ,effective date 7#a7 ,in general ,except as otherwise provided in this subsection1 the amendments made by this section shall apply to taxable years beginning after ,december #ca1 #bjag4 7#b7 ,withholding ,the amendments made by subsection 7b77#b7 shall apply to distributions made after ,december #ca1 #bjag4 #c4 ,procedure in case ,secretary determines increase in corporate income tax 7a7 ,in general ,in the case of any taxable years beginning during a calendar year 7current taxable years7 for which the rate of tax determined by the ,secretary of the ,treasury under section #aa7;b77#b7 of the ,internal ,revenue ,code of #aihf is higher than the rate of tax for taxable years beginning during the preceding calendar year 7preceding taxable years7-- 7#a7 if not later than #fj days after the date of any such determination ,congress enacts into law a joint resolution approving such higher rate of tax1 then the rate of tax for the current taxable years shall be the rate of tax so determined by the ,secretary1 or 7#b7 if after the expiration of such #fj-;day period no such joint resolution has been enacted1 then the rate of tax for the current taxable years shall be the rate of tax that was in effect for such preceding taxable years4 7b7 ,content of joint resolution ,the joint resolution considered under this section shall meet the following requirements3 7#a7 ,such resolution shall not have a preamble4 7#b7 ,the title of such resolution shall be as follows3 ,joint resolution relating to the approval of an increased rate of corporate income tax determined under section #aa7;b77#b7 of the ,internal ,revenue ,code of #aihf1 as submitted under section #c of the ,corporate ,rate ,equality and ,trade ,empowerment ,jobs ,act of #bjag44 7#c7 ,the only matter after the resolving clause shall be as follows3 ,that ,congress approves of the increased rate of corporate income tax determined under section #aa7;b77#b7 of the ,internal ,revenue ,code of #aihf for taxable years beginning during the next #e calendar years44