A bill to provide a Federal income tax credit for Patriot employers, and for other purposes.
Amends the Internal Revenue Code to allow a taxpayer certified as a Patriot employer by the Secretary of the Treasury a tax credit for one percent of such employer's taxable income. Defines a "Patriot employer" as any taxpayer who: (1) maintains its headquarters in the United States; (2) pays at least 60% of the health care premiums of its employees; (3) maintains or increases the number of its full-time workers in the United States relative to its full-time workers outside of the United States: (4) provides its employees with a certain level of compensation and retirement benefits; and (5) provides full differential salary and insurance benefits for all National Guard and Reserve employees called to active duty.
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S10480)