HR 1801
111th Congress
House
Taxation
Corporate finance and management
Financial crises and stabilization
Income tax rates
Wages and earnings
To amend the Internal Revenue Code of 1986 to impose a 70 percent tax on certain compensation received from certain companies receiving Federal bailout funds.
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 30, 2009
Referred to the House Committee on Ways and Means.
Mar 30, 2009
Introduced in House
Plain-English summary
Amends the Internal Revenue Code to impose a 70% tax on compensation in excess of $1 million received by an employee from an employer who has received, in the aggregate, economic assistance of more than $500 million under the Troubled Asset Relief Program (TARP) of the Emergency Economic Stabilization Act of 2008 or the Housing and Economic Recovery Act of 2008. Exempts employees who return such compensation to their employer or who receive such compensation as a commissioned sales person.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1