A bill to amend the Internal Revenue Code of 1954 to provide a credit against income tax for contributions to profit-sharing plans, and for other purposes.

Summary

Amends the Internal Revenue Code to allow employers a nonrefundable income tax credit for contributions to a tax-deferred profit sharing plan. Limits the amount of such credit to the lesser of all such contributions or one percent of the aggregate compensation paid by the employer to plan participants during the taxable year. Requires full and immediate vesting in plan participants of all amounts contributed to a profit sharing plan. Provides for a three year carryback and a seven year carryover of unused credit amounts.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 29 July 1981

  Open at official source

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