HR 1665
117th Congress
House
Taxation
Employee benefits and pensions
Employment taxes
Income tax deductions
Wages and earnings
Employee Profit-Sharing Encouragement Act of 2021
Introduced: March 8, 2021
Introduced by:
Watson Coleman, Bonnie
Democratic
· New Jersey
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 8, 2021
Introduced in House
Mar 8, 2021
Referred to the House Committee on Ways and Means.
Plain-English summary
Employee Profit-Sharing Encouragement Act of 2021
This bill denies the business tax deduction for the remuneration of highly-compensated corporate employees unless the corporation has average annual gross receipts of less than $25 million and maintains a plan for making qualified profit-sharing distributions to its employees. The bill defines qualified profit-sharing distributions as cash distributions under a written employer plan that gives employees who have been employed for at least one year a right to profit-sharing distributions and bases the amount of such distributions on the measure of the receipts, profit, revenues, or earnings of the employer.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1