to— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under subsection (f)(3) for the calendar year in which the taxable year begins determined by substituting calendar year 2015 for calendar year 1992 in subparagraph (B) thereof. If any adjustment under the preceding sentence is not a multiple of $100, such amount shall be rounded to the next lowest multiple of $100. . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2017. II 20-Percent Corporate Tax Rate 201. 20-percent corporate tax rate (a) In general Subsection (b) of section 11 of the Internal Revenue Code of 1986 is amended to read as follows: (b) Amount of tax The amount of the tax imposed by subsection (a) shall be 20 percent of taxable income. . (b) Conforming amendments (1) Paragraphs (2)(B) and (6)(A)(ii) of section 860E(e) of such Code are each amended by striking section 11(b)(1) and inserting section 11(b) . (2) (A) Section 1445(e)(1) of such Code is amended— (i) by striking 35 percent and inserting the rate of tax in effect for the taxable year under section 11(b) , and (ii) by striking of the gain and inserting multiplied by the gain . (B) Section 1445(e)(2) of such Code is amended by striking 35 percent of the amount and inserting the rate of tax in effect for the taxable year under section 11(b) multiplied by the amount . (C) Section 1445(e)(6) of such Code is amended— (i) by striking 35 percent and inserting the rate of tax in effect for the taxable year under section 11(b) , and (ii) by striking of the amount and inserting multiplied by the amount . (D) Section 1446(b)(2)(B) of such Code is amended by striking section 11(b)(1) and inserting section 11(b) . (3) Section 852(b)(1) of such Code is amended by striking the last sentence. (4) Section 7874(e)(1)(B) of such Code is amended by striking section 11(b)(1) and inserting section 11(b) . (c) Effective date (1) In general Except as otherwise provided in this subsection, the amendments made by