Page 44

131 STAT. 2096 PUBLIC LAW 115–97—DEC. 22, 2017 are substituted under subparagraph (A) and adjusted under this subparagraph.’’. (b) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2017. Subtitle C—Business-related Provisions PART I—CORPORATE PROVISIONS SEC. 13001. 21-PERCENT CORPORATE TAX RATE. (a) IN GENERAL.—Subsection (b) of section 11 is amended to read as follows: ‘‘(b) AMOUNT OF TAX.—The amount of the tax imposed by subsection (a) shall be 21 percent of taxable income.’’. (b) CONFORMING AMENDMENTS.— (1) The following sections are each amended by striking ‘‘section 11(b)(1)’’ and inserting ‘‘section 11(b)’’: (A) Section 280C(c)(3)(B)(ii)(II). (B) Paragraphs (2)(B) and (6)(A)(ii) of section 860E(e). (C) Section 7874(e)(1)(B). (2)(A) Part I of subchapter P of chapter 1 is amended by striking section 1201 (and by striking the item relating to such section in the table of sections for such part). (B) Section 12 is amended by striking paragraphs (4) and (6), and by redesignating paragraph (5) as paragraph (4). (C) Section 453A(c)(3) is amended by striking ‘‘or 1201 (whichever is appropriate)’’. (D) Section 527(b) is amended— (i) by striking paragraph (2), and (ii) by striking all that precedes ‘‘is hereby imposed’’ and inserting: ‘‘(b) TAX IMPOSED.—A tax’’. (E) Sections 594(a) is amended by striking ‘‘taxes imposed by section 11 or 1201(a)’’ and inserting ‘‘tax imposed by section 11’’. (F) Section 691(c)(4) is amended by striking ‘‘1201,’’. (G) Section 801(a) is amended— (i) by striking paragraph (2), and (ii) by striking all that precedes ‘‘is hereby imposed’’ and inserting: ‘‘(a) TAX IMPOSED.—A tax’’. (H) Section 831(e) is amended by striking paragraph (1) and by redesignating paragraphs (2) and (3) as paragraphs (1) and (2), respectively. (I) Sections 832(c)(5) and 834(b)(1)(D) are each amended by striking ‘‘sec. 1201 and following,’’. (J) Section 852(b)(3)(A) is amended by striking ‘‘section 1201(a)’’ and inserting ‘‘section 11(b)’’. (K) Section 857(b)(3) is amended— (i) by striking subparagraph (A) and redesignating sub- paragraphs (B) through (F) as subparagraphs (A) through (E), respectively, (ii) in subparagraph (C), as so redesignated— (I) by striking ‘‘subparagraph (A)(ii)’’ in clause (i) thereof and inserting ‘‘paragraph (1)’’, 26 USC 1201 prec. 26 USC 11. 26 USC 55 note. VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00044 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS