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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 20 May 1980

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 20 May 1980

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 20 May 1980

  Open at official source

Sponsors

• Sen. Durenberger, Dave [R-MN] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → 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.