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HR 3452 111th Congress House Taxation Corporate finance and management Financial crises and stabilization Housing and community development funding Income tax rates Wages and earnings

Recoupment of Wall Street Bonus Act

Introduced: July 31, 2009 Introduced by: Kaptur, Marcy Democratic · Ohio See on congress.gov
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 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 31, 2009
Referred to House Financial Services
Jul 31, 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.
Jul 31, 2009
Referred to House Ways and Means
Jul 31, 2009
Sponsor introductory remarks on measure. (CR H9249)
Jul 31, 2009
Introduced in House
 Plain-English summary Congressional Research Service

Recoupment of Wall Street Bonus Act - Imposes an additional income tax on bonuses paid to employees or former employees of covered Troubled Asset Relief Program (TARP) recipients. Defines "covered TARP recipient" to include: (1) entities and their affiliates that received capital infusions under the Emergency Economic Stabilization Act of 2008 exceeding $5 billion; and (2) the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Exempts entities that repay TARP amounts exceeding a $5 billion threshold.

Sets the rate of such tax at 100% of the lesser of: (1) the bonus amounts paid; or (2) the amount of such taxpayer's adjusted gross income exceeding $250,000 ($125,000 in the case of a married individual filing a separate return). Exempts any employee who irrevocably waives or returns a bonus payment before the close of the taxable year in which such payment is due.

Requires tax revenues generated by this Act to be paid to the Department of Housing and Urban Development (HUD) to fund community development programs.

What's happening now July 31, 2009

Referred to House Financial Services

 Committees of jurisdiction 2