HR 12137 · 94th Congress · Taxation

A bill to reduce the corporate income tax rate by 8 percentage points by repealing DISC and the investment credit for corporations.

Introduced 1976-02-26· Sponsored by Rep. Gibbons, Sam [D-FL-7]· House

Bill Progress

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Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Ways and Means.(1976-02-26)

Plain Language Summary

[AI summary unavailable — showing source text] Repeals the corporate investment credit under the Internal Revenue Code. Reduces the corporate normal tax rate to 16 percent. Terminates the tax exemption treatment accorded to Domestic International Sales Corporations (DISC). Reduces the corporate surtax rate to 24 percent.…

Summarized by Claude AI · Non-partisan · For informational purposes only