Recoupment of Wall Street Bonus Act

Summary

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.

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Timeline

1. 31 July 2009

   Introduced

   Referred to House Ways and Means

   Source: IntroReferral

2. 31 July 2009

   Introduced

   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.

   Source: IntroReferral

3. 31 July 2009

   Introduced

   Sponsor introductory remarks on measure. (CR H9249)

   Source: IntroReferral

4. 31 July 2009

   Introduced

   Introduced in House

   Source: IntroReferral

5. 31 July 2009

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 31 July 2009 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 31 July 2009

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 31 July 2009

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 31 July 2009

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Kaptur, Marcy [D-OH-9] · D · Sponsor
• Rep. Grijalva, Raúl M. [D-AZ-7] · D · Cosponsor
• Rep. Stupak, Bart [D-MI-1] · D · Cosponsor
• · hsba00 · Standing
• · hswm00 · Standing

Related records

• related to → Bailout Bonus Tax Bracket Act of 2009
• related to → To amend the Internal Revenue Code of 1986 to impose a higher rate of tax on bonuses paid by certain businesses owned by the Federal Government.
• related to → To amend the Internal Revenue Code of 1986 to impose a 100 percent tax on bonuses paid by businesses that receive TARP assistance and are majority owned by the Federal Government.
• related to → To amend the Internal Revenue Code of 1986 to impose a tax on bonuses received from companies receiving TARP funds.
• related to → Taxpayer Protection Act
• related to → FAA Air Transportation Modernization and Safety Improvement Act
• related to → AIG Key Executives Bonus Accountability and Capture (TAKE BACK) Act
• related to → To amend the Internal Revenue Code of 1986 to impose a 70 percent tax on certain compensation received from certain companies receiving Federal bailout funds.