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 individuals whose employment is terminated by a closing of their place of employment which appears reasonably likely to be permanent and which involves the discharge within a 12 month period of at least 75 percent of the 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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1 official file

• Introduced in House

  summary · EN · 5 January 1981

  Open at official source

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