H.R. 1654 118th Congress House

DEPOSIT Act

Official title: To amend the Internal Revenue Code of 1986 to impose a higher rate of tax on bonuses and profits from sales of stock received by executives employed by failing… Show full official titleShow less

Official title: To amend the Internal Revenue Code of 1986 to impose a higher rate of tax on bonuses and profits from sales of stock received by executives employed by failing banks that were closed and for which the Federal Deposit Insurance Corporation has been appointed as conservator or receiver.

Introduced: March 17, 2023 Introduced by: Adam B. Schiff Democratic · California See on congress.gov

Taxation

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 17, 2023

Referred to the House Committee on Ways and Means.

Mar 17, 2023

Introduced in House

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 March 17, 2023

Referred to the House Committee on Ways and Means.

Plain-English summary Congressional Research Service

Deliver Executive Profits On Seized Institutions to Taxpayers Act or the DEPOSIT Act

This bill imposes an increased tax rate on bonuses paid after March 1, 2023, and profits from sales of bank stock received by highly-paid bank executives employed by failing banks that were closed and for which the Federal Deposit Insurance Corporation has been appointed conservator or receiver. The bill expresses the sense of the Congress that revenues from such increased taxes be returned to the Deposit Insurance Fund of the Federal Deposit Insurance Corporation.

Related & companion bills 1