HR 143 111th Congress House Taxation Bank accounts, deposits, capital Department of the Treasury Employment taxes Executive agency funding and structure Financial crises and stabilization Government trust funds Income tax exclusion Medicare Securities Self-employed Social security and elderly assistance Wages and earnings

To amend the Internal Revenue Code of 1986 to provide for a two-month suspension of employment and income taxes, and for other purposes.

Introduced: January 6, 2009 See on congress.gov

Everywhere this bill has been 4 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jan 6, 2009

Referred to House Financial Services

Jan 6, 2009

Referred to House Ways and Means

Jan 6, 2009

Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Jan 6, 2009

Introduced in House

Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to: (1) reduce to 0% the employment tax on employers, employees, and self-employed individuals in the first full two-month period after the enactment of this Act; and (2) exclude from gross income any wage and self-employment income earned during the same period .

Amends the Emergency Economic Stabilization Act of 2008 to repeal procedures for authorizing the Secretary of the Treasury to obligate additional amounts under the Troubled Asset Relief Program (TARP).

Requires the Secretary to: (1) estimate the impact of this Act on the income and balances of the social security trust funds; and (2) transfer amounts from the Treasury to such trust funds if there is any reduction in the income and balances of such trust funds resulting from this Act.

Terminates the authority of the Secretary under the Emergency Economic Stabilization Act of 2008 to purchase troubled assets or any preferred or other stock or equity in any financial institution.

What's happening now January 6, 2009

Referred to House Financial Services

Committees of jurisdiction 2