The bill would cut the corporate income tax rate to 21 percent from 35 percent, according to the summary. Corporate tax lobbyists have been seeking such a dramatic cut for many years.

It would also create a 20-percent business income tax deduction for owners of “pass-through” businesses, such as partnerships and sole proprietorships; allow for immediate write-off by corporations of new equipment costs; and eliminate the corporate alternative minimum tax, according to the summary.