Skip to main content
S 2994 111th Congress Senate

Taxpayer Fairness Act

Official title: A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on excessive 2009 bonuses received from certain major recipients of Federal emergency… Show full official titleShow less

Official title: A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on excessive 2009 bonuses received from certain major recipients of Federal emergency economic assistance, to limit the deduction allowable for such bonuses, and for other purposes.

Introduced: March 10, 2010 See on congress.gov
Taxation Financial crises and stabilizationGovernment corporations and government-sponsored enterprisesHousing finance and home ownershipIncome tax deductions
More subjectsShow fewer subjects
Sales and excise taxesWages and earnings
Sign in to write a letter Sign in to watch
This bill died when the 111th Congress ended
It never became law before the 111th Congress (2009–2010) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 4, 2010
Read twice and referred to the Committee on Finance.
Feb 4, 2010
Introduced in Senate
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Latest action February 4, 2010

Read twice and referred to the Committee on Finance.

 Plain-English summary Congressional Research Service

Taxpayer Fairness Act - Amends the Internal Revenue Code to: (1) impose a 50% tax on bonuses, including retention bonuses, exceeding $400,000 paid in 2009 to employees of financial institutions (including the Federal National Mortgage Association [Fannie Mae] and the Federal Home Loan Mortgage Corporation [Freddie Mac]) that received $5 billion or more in emergency economic assistance from the federal government; and (2) limit the business tax deduction for such bonuses to 50% of the amount of such bonuses.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Murray, Patty
Washington · Mar 10, 2010
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2994: Taxpayer Fairness Act. 111th Congress. Open America. https://openamerica.io/bill/111-S-2994/
MLA
"S. 2994: Taxpayer Fairness Act." 111th Congress, 2026, Open America, https://openamerica.io/bill/111-S-2994/.
Bluebook (legal)
S. 2994, 111th Cong. (2026), https://openamerica.io/bill/111-S-2994/.
Markdown link
[S. 2994: Taxpayer Fairness Act](https://openamerica.io/bill/111-S-2994/)
Report a problem