1. Short title This Act may be cited as the Corporate Rate Equality and Trade Empowerment Jobs Act of 2017 or the Create Jobs Act . 2. OECD rate of corporate income tax (a) In general Section 11(b) of the Internal Revenue Code of 1986 is amended to read as follows: (b) Amount of tax (1) In general The amount of the tax imposed by subsection (a) shall be an amount equal to the applicable percentage of the taxable income. (2) Applicable percentage For purposes of this section— (A) In general Subject to section 3 of the Corporate Rate Equality and Trade Empowerment Jobs Act of 2017, the applicable percentage for taxable years beginning in any calendar year shall be the greater of— (i) 10 percent, or (ii) the percentage determined by the Secretary under subparagraph (B) for the taxable year. (B) Determination by Secretary Not later than November 1, 2017, and every 5 years thereafter, the Secretary shall determine the percentage that is 5 percentage points less than the mean of the central government corporate income tax rates most recently published as of November 1 of the preceding calendar year by the Organisation for Economic Co-operation and Development (hereinafter referred to as OECD ) for OECD countries other than the United States. The percentage determined under the preceding sentence shall apply to taxable years beginning in the subsequent calendar year and each of the 4 calendar years thereafter. . (b) Conforming amendments (1) Paragraphs (2)(B) and (6)(A)(ii) of section 860E(e) of such Code are each amended by striking the highest rate of tax specified in section 11(b)(1) and inserting the rate of tax in effect for the taxable year under 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