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United States · Law · HR

H.R. 1586 (111th)

FAA Air Transportation Modernization and Safety Improvement Act

enactedUnited States· United States Congress· EN

Introduced

18 March 2009

Last action

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Status

Became Public Law No: 111-226.

Sponsors

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Subjects

Discovery layer

Source updated

21 January 2026

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Summary

Imposes an additional income tax on bonuses paid to employees or former employees of covered Troubled Assets 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 90% 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.

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Documents

20 official files

Enrolled Bill (text)

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