Political Quotes

“Mr. Speaker, pursuant to House Resolution 1316, I call up the bill (H.R. 5376) to provide for reconciliation pursuant to title II of S. Con. Res. 14, with the Senate amendment thereto, and ask for its immediate consideration. The Clerk read the title of the bill. The SPEAKER pro tempore. The Clerk will designate the Senate amendment. Senate amendment: Strike all after the anacting clause and insert the following: TITLE I--COMMITTEE ON FINANCE Subtitle A--Deficit Reduction SEC. 10001. AMENDMENT OF 1986 CODE. Except as otherwise expressly provided, whenever in this subtitle an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. PART 1--CORPORATE TAX REFORM SEC. 10101. CORPORATE ALTERNATIVE MINIMUM TAX. I(a) mposition of Tax.-- (1) In general.--Paragraph (2) of section 55(b) is amended to read as follows: ``(2) Corporations.-- ``(A) Applicable corporations.--In the case of an applicable corporation, the tentative minimum tax for the taxable year shall be the excess of-- ``(i) 15 percent of the adjusted financial statement income for the taxable year (as determined under section 56A), over ``(ii) the corporate AMT foreign tax credit for the taxable year.…”