REPEAL OF TAX FOR CORPORATIONS.

SEC. 12001. REPEAL OF TAX FOR CORPORATIONS.(a) In General.—Section 55(a) is amended by striking “There” and inserting “In the case of a taxpayer other than a corporation, there”.(b) Conforming Amendments.—(1) Section 38(c)(6) is amended by adding at the end the following new subparagraph:“(E) Corporations.—In the case of a corporation, this subsection shall be applied by treating the corporation as having a tentative minimum tax of zero.”.(2) Section 53(d)(2) is amended by inserting “, except that in the case of a corporation, the tentative minimum tax shall be treated as zero” before the period at the end.(3)(A) Section 55(b)(1) is amended to read as follows:“(1) Amount of tentative tax.—“(A) In general.—The tentative minimum tax for the taxable year is the sum of—“(i) 26 percent of so much of the taxable excess as does not exceed $175,000, plus“(ii) 28 percent of so much of the taxable excess as exceeds $175,000.The amount determined under the preceding sentence shall be reduced by the alternative minimum tax foreign tax credit for the taxable year.“(B) Taxable excess.—For purposes of this subsection, the term ‘taxable excess’ means so much of the alternative minimum taxable income for the taxable year as exceeds the exemption amount.“(C) Married individual filing separate return.—In the case of a married individual filing a separate return, 131 STAT. 2093 subparagraph (A) shall be applied by substituting 50 percent of the dollar amount otherwise applicable under clause (i) and clause (ii) thereof. For purposes of the preceding sentence, marital status shall be determined under section 7703.”.(B) Section 55(b)(3) is amended by striking “paragraph (1)(A)(i)” and inserting “paragraph (1)(A)”.(C) Section 59(a) is amended—(i) by striking “subparagraph (A)(i) or (B)(i) of section 55(b)(1) (whichever applies) in lieu of the highest rate of tax specified in section 1 or 11 (whichever applies)” in paragraph (1)(C) and inserting “section 55(b)(1) in lieu of the highest rate of tax specified in section 1”, and(ii) in paragraph (2), by striking “means” and all that follows and inserting “means the amount determined under the first sentence of section 55(b)(1)(A).”.(D) Section 897(a)(2)(A) is amended by striking “section 55(b)(1)(A)” and inserting “section 55(b)(1)”.(E) Section 911(f) is amended—(i) in paragraph (1)(B)—(I) by striking “section 55(b)(1)(A)(ii)” and inserting “section 55(b)(1)(B)”, and(II) by striking “section 55(b)(1)(A)(i)” and inserting “section 55(b)(1)(A)”, and(ii) in paragraph (2)(B), by striking “section 55(b)(1)(A)(ii)” each place it appears and inserting “section 55(b)(1)(B)”.(4) Section 55(c)(1) is amended by striking “, the section 936 credit allowable under section 27(b), and the Puerto Rico economic activity credit under section 30A”.(5) Section 55(d), as amended by section 11002, is amended—(A) by striking paragraph (2) and redesignating paragraphs (3) and (4) as paragraphs (2) and (3), respectively,(B) in paragraph (2) (as so redesignated), by inserting “and” at the end of subparagraph (B), by striking “, and” at the end of subparagraph (C) and inserting a period, and by striking subparagraph (D), and(C) in paragraph (3) (as so redesignated)—(i) by striking “(b)(1)(A)(i)” in subparagraph (B)(i) and inserting “(b)(1)(A)”, and(ii) by striking “paragraph (3)” in subparagraph (B)(iii) and inserting “paragraph (2)”.(6) Section 55 is amended by striking subsection (e).(7) Section 56(b)(2) is amended by striking subparagraph (C) and by redesignating subparagraph (D) as subparagraph (C).(8)(A) Section 56 is amended by striking subsections (c) and (g).(B) Section 847 is amended by striking the last sentence of paragraph (9).(C) Section 848 is amended by striking subsection (i).(9) Section 58(a) is amended by striking paragraph (3) and redesignating paragraph (4) as paragraph (3).(10) Section 59 is amended by striking subsections (b) and (f).131 STAT. 2094(11) Section 11(d) is amended by striking “the taxes imposed by subsection (a) and section 55” and inserting “the tax imposed by subsection (a)”.(12) Section 12 is amended by striking paragraph (7).(13) Section 168(k) is amended by striking paragraph (4).(14) Section 882(a)(1) is amended by striking “, 55,”.(15) Section 962(a)(1) is amended by striking “sections 11 and 55” and inserting “section 11”.(16) Section 1561(a) is amended—(A) by inserting “and” at the end of paragraph (1), by striking “, and” at the end of paragraph (2) and inserting a period, and by striking paragraph (3), and(B) by striking the last sentence.(17) Section 6425(c)(1)(A) is amended to read as follows:“(A) the tax imposed by section 11 or 1201(a), or subchapter L of chapter 1, whichever is applicable, over”.(18) Section 6655(e)(2) is amended by striking “and alternative minimum taxable income” each place it appears in subparagraphs (A) and (B)(i).(19) Section 6655(g)(1)(A) is amended by inserting “plus” at the end of clause (i), by striking clause (ii), and by redesignating clause (iii) as clause (ii).(c) Effective Date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2017.