A bill to amend the Internal Revenue Code of 1954 to provide that severance pay resulting from a plant closing shall be subject to tax at reduced rates.

Summary

Amends the Internal Revenue Code to impose a separate income tax on the severance pay of unmarried taxpayers whose employment is terminated by a closing of their place of employment which is likely to be permanent and which involves the discharge within a 12 month period of at least 75 percent of all employees. Allows an income tax deduction for severance pay received in a taxable year to the extent that such pay is included in the gross income of the taxpayer.

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Timeline

1. 3 January 1983

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 3 January 1983

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 January 1983

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 3 January 1983

  Open at official source

Sponsors

• Rep. Roe, Robert A. [D-NJ-8] · D · Sponsor
• · hswm00 · Standing

Related records

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