H.R. 5158 · 114th Congress
Make America Competitive Act of 2016
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
McKinleySponsorNo cosponsors.
This bill amends the Internal Revenue Code to allow corporations to elect a 10% tax rate on their taxable income if such corporations: (1) offer their full-time employees group health insurance coverage, (2) offer such employees a defined contribution pension plan, (3) provide their employees with regular pay increases, and (4) make additional social…
What it does: CRS summary · Introduced in House · Apr 29, 2016
Make America Competitive Act of 2016
This bill amends the Internal Revenue Code to allow corporations to elect a 10% tax rate on their taxable income if such corporations: (1) offer their full-time employees group health insurance coverage, (2) offer such employees a defined contribution pension plan, (3) provide their employees with regular pay increases, and (4) make additional social security contributions for employees who do not have a defined benefit pension plan. Such corporations may also elect to repatriate their current and accumulated foreign earnings at a 5% tax rate.
The bill amends title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act to increase the primary insurance amount (the retirement benefit a social security recipient would receive if benefits are taken at normal retirement age) of employees for whom additional social security contributions are made under this bill.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Make America Competitive Act of 2016
Latest action (Apr 29, 2016): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Apr 29, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.