S 2994
111th Congress
Senate
Taxation
Financial crises and stabilization
Government corporations and government-sponsored enterprises
Housing finance and home ownership
Income tax deductions
Sales and excise taxes
Wages and earnings
Taxpayer Fairness Act
Introduced: February 4, 2010
See on congress.gov
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
Plain-English summary
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.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1