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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

10 August 2010 · Passed

Status

Became Public Law No: 111-226.

Sponsors

Rep. Rangel, Charles B. [D-NY-15], Rep. Israel, Steve [D-NY-3], Sen. Peters, Gary C. [D-MI], Rep. Maloney, Carolyn B. [D-NY-12], Rep. Stark, Fortney Pete [D-CA-13], Rep. Levin, Sander M. [D-MI-12], Rep. Lewis, John [D-GA-5], Rep. Tanner, John S. [D-TN-8], Rep. Pomeroy, Earl [D-ND-At Large], Rep. Thompson, Mike [D-CA-4], Rep. Larson, John B. [D-CT-1], Rep. Blumenauer, Earl [D-OR-3], Rep. Pascrell, Bill, Jr. [D-NJ-9], Rep. Berkley, Shelley [D-NV-1], Sen. Van Hollen, Chris [D-MD], Rep. Meek, Kendrick B. [D-FL-17], Rep. Davis, Artur [D-AL-7], Rep. Davis, Danny K. [D-IL-7], Rep. Etheridge, Bob [D-NC-2], Rep. Sánchez, Linda T. [D-CA-38], Rep. Higgins, Brian [D-NY-26], Rep. Yarmuth, John A. [D-KY-3], Rep. Dingell, John D. [D-MI-12], Rep. Connolly, Gerald E. [D-VA-11], Rep. Fudge, Marcia L. [D-OH-11], Sen. Luján, Ben Ray [D-NM], Rep. Maffei, Daniel B. [D-NY-25], Rep. Perriello, Thomas S.P. [D-VA-5], Rep. Carney, Christopher P. [D-PA-10], Rep. Castor, Kathy [D-FL-14], Rep. Clarke, Yvette D. [D-NY-9], Rep. Cohen, Steve [D-TN-9], Rep. Ellison, Keith [D-MN-5], Rep. Hall, John J. [D-NY-19], Rep. Hare, Phil [D-IL-17], Rep. Klein, Ron [D-FL-22], Rep. Loebsack, David [D-IA-2], Rep. Schakowsky, Janice D. [D-IL-9], Rep. Sires, Albio [D-NJ-13], Sen. Welch, Peter [D-VT], Rep. Wilson, Charles A. [D-OH-6], Rep. Wu, David [D-OR-1], Rep. Hill, Baron P. [D-IN-9], Rep. Massa, Eric J. J. [D-NY-29], Rep. McNerney, Jerry [D-CA-9], Rep. Kratovil, Frank, Jr. [D-MD-1], Rep. Green, Al [D-TX-9], Rep. Eshoo, Anna G. [D-CA-18]

Subjects

Taxation

Source updated

21 January 2026

Taxation

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.

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

Timeline

  1. 18 March 2009

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 18 March 2009

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 18 March 2009

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 19 March 2009

    Calendars

    Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

    Source: Calendars

  5. 19 March 2009

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

  6. 19 March 2009

    Vote

    On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 328 - 93 (Roll no. 143). (text: CR H3655-3656)

    Source: Floor

  7. 19 March 2009

    Vote

    Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 328 - 93 (Roll no. 143).(text: CR H3655-3656)

    Source: Floor

  8. 19 March 2009

    Floor

    Considered under suspension of the rules. (consideration: CR H3655-3664)

    Source: Floor

  9. 19 March 2009

    Vote

    At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

    Source: Floor

  10. 19 March 2009

    Floor

    DEBATE - The House proceeded with forty minutes of debate on H.R. 1586.

    Source: Floor

  11. 19 March 2009

    Floor

    Mr. Rangel moved to suspend the rules and pass the bill.

    Source: Floor

  12. 23 March 2009

    Calendars

    Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 36.

    Source: Calendars

  13. 10 March 2010

    Floor

    Measure laid before Senate by unanimous consent. (consideration: CR S1340-1352)

    Source: Floor

  14. 11 March 2010

    Floor

    Considered by Senate. (consideration: CR S1429-1437, S1437-1453)

    Source: Floor

  15. 16 March 2010

    Floor

    Considered by Senate. (consideration: CR S1582-1588, S1588-1596, S1597-1598, S1598-1607)

    Source: Floor

  16. 17 March 2010

    Floor

    Considered by Senate. (consideration: CR S1647-1648, S1652-1660, S1664)

    Source: Floor

  17. 18 March 2010

    Floor

    Considered by Senate. (consideration: CR S1693-1736)

    Source: Floor

  18. 19 March 2010

    Floor

    Considered by Senate. (consideration: CR S1760, S1763-1764, S1772-1774)

    Source: Floor

  19. 22 March 2010

    Floor

    Considered by Senate. (consideration: CR S1790-1810)

    Source: Floor

  20. 22 March 2010

    Vote

    Passed/agreed to in Senate: Passed Senate with an amendment and an amendment to the Title by Yea-Nay Vote. 93 - 0. Record Vote Number: 61.(text: CR S1887-1921)

    Source: Floor

  21. 23 March 2010

    Floor

    Message on Senate action sent to the House.

    Source: Floor

  22. 24 March 2010

    Reported

    Rules Committee Resolution H. Res. 1212 Reported to House. The resolution provides for consideration of the Senate amendments to the bill with an amendment debatable for one hour. The resolution also provides for the Speaker to entertain motions that the House suspend the rules. In addition, the requirement waives the requirement for a two-thirds vote to consider a report from the Committee on Rules on the same day it is reported.

    Source: Floor

  23. 25 March 2010

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: ResolvingDifferences

  24. 25 March 2010

    Vote

    On motion that the House agree with an amendment to the Senate amendments Agreed to by the Yeas and Nays: 276 - 145 (Roll no. 190). (text as House agreed to Senate amendments: CR H2366-2404)

    Source: ResolvingDifferences

  25. 25 March 2010

    Vote

    Resolving differences -- House actions: On motion that the House agree with an amendment to the Senate amendments Agreed to by the Yeas and Nays: 276 - 145 (Roll no. 190).(text as House agreed to Senate amendments: CR H2366-2404)

    Source: NotUsed

  26. 25 March 2010

    ResolvingDifferences

    The previous question was ordered pursuant to the rule. (consideration: CR H2416)

    Source: ResolvingDifferences

  27. 25 March 2010

    Floor

    DEBATE - The House proceeded with one hour of debate on agreeing with an amendment to the Senate amendments to H.R. 1586.

    Source: Floor

  28. 25 March 2010

    ResolvingDifferences

    Mr. Oberstar moved that the House agree with an amendment to the Senate amendments. (consideration: CR H2332-2413, H2416-2417)

    Source: ResolvingDifferences

  29. 25 March 2010

    Passed

    Rule H. Res. 1212 passed House.

    Source: Floor

  30. 26 March 2010

    Floor

    Message on House action received in Senate and at desk: House amendment to Senate amendment.

    Source: Floor

  31. 29 July 2010

    Floor

    Motion by Senator Reid to concur in the House amendment to the Senate amendment to the bill (H.R. 1586) with an amendment (SA 4567) made in the Senate. (consideration: CR S6498)

    Source: Floor

  32. 2 August 2010

    Floor

    Considered by Senate. (consideration: CR S6565-6573)

    Source: Floor

  33. 4 August 2010

    Floor

    Considered by Senate. (consideration: CR S6678-6685)

    Source: Floor

  34. 5 August 2010

    Vote

    Senate concurred in the House amendment to the Senate amendment to the bill (H.R. 1586) with an amendment (SA 4575) by Yea-Nay Vote. 61 - 39. Record Vote Number: 228. (consideration: CR S6766)

    Source: ResolvingDifferences

  35. 5 August 2010

    Vote

    Resolving differences -- Senate actions: Senate concurred in the House amendment to the Senate amendment to the bill (H.R. 1586) with an amendment (SA 4575) by Yea-Nay Vote. 61 - 39. Record Vote Number: 228.(consideration: CR S6766)

    Source: NotUsed

  36. 5 August 2010

    Floor

    Considered by Senate. (consideration: CR S6762-6767)

    Source: Floor

  37. 6 August 2010

    Floor

    Message on Senate action sent to the House.

    Source: Floor

  38. 10 August 2010

    President

    Signed by President.

    Source: President

  39. 10 August 2010

    Became law

    Signed by President.

    Source: BecameLaw

  40. 10 August 2010

    Floor

    Presented to President.

    Source: Floor

  41. 10 August 2010

    President

    Presented to President.

    Source: President

  42. 10 August 2010

    Action

    Cleared for White House.

  43. 10 August 2010

    Became law

    Became Public Law No: 111-226.

    Source: President

  44. 10 August 2010

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: ResolvingDifferences

  45. 10 August 2010

    Vote

    On motion that the House agree to the Senate amendment to the House amendment to the Senate amendment Agreed to by the Yeas and Nays: 247 - 161 (Roll no. 518). (consideration: CR H6609-6625; text: CR H6609)

    Source: ResolvingDifferences

  46. 10 August 2010

    Vote

    Resolving differences -- House actions: On motion that the House agree to the Senate amendment to the House amendment to the Senate amendment Agreed to by the Yeas and Nays: 247 - 161 (Roll no. 518).(consideration: CR H6609-6625; text: CR H6609)

    Source: NotUsed

  47. 10 August 2010

    ResolvingDifferences

    The previous question was ordered pursuant to the rule. (consideration: CR H6625)

    Source: ResolvingDifferences

  48. 10 August 2010

    Floor

    DEBATE - Pursuant to H.Res. 1606, the House proceeded with one hour of debate, equally divided and controlled, on the motion to agree to the Senate amendment to the House amendment to the Senate amendment to H.R. 1586.

    Source: Floor

  49. 10 August 2010

    Passed

    Mr. Obey moved that the House agree to the Senate amendment to the House amendment to the Senate amendment. (consideration: CR H6604-6625; text as House agreed to the Senate amendment to the House amendment to the Senate amendment: CR H6604-6609)

    Source: ResolvingDifferences

Votes

5 August 2010 · Motion Agreed to · On the Motion (Motion to Concur in the House Amendment to the Senate Amendment to H.R. 1586 with Amendment No. 4575.) · Motion Agreed to · Official source

Yes 61 · No 39 · Abstain — · Absent/not voting 0

Showing the first 4 recorded positions. Vote totals above are complete.

22 March 2010 · Bill Passed · On Passage of the Bill H.R. 1586 · Bill Passed · Official source

Yes 93 · No 0 · Abstain — · Absent/not voting 7

Showing the first 4 recorded positions. Vote totals above are complete.

Versions

Documents

20 official files

Enrolled Bill (text)

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  • Enrolled Bill (text)

    Enrolled Bill · EN

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  • Enrolled Bill (PDF)

    Enrolled Bill · EN

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  • Engrossed Amendment Senate (text)

    Engrossed Amendment Senate · EN · 25 August 2010

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  • Engrossed Amendment Senate (PDF)

    Engrossed Amendment Senate · EN · 25 August 2010

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  • Public Law (text)

    Public Law · EN · 10 August 2010

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  • Public Law (PDF)

    Public Law · EN · 10 August 2010

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  • Public Law

    summary · EN · 10 August 2010

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  • Engrossed Amendment Senate (text)

    Engrossed Amendment Senate · EN · 5 August 2010

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  • Engrossed Amendment Senate (PDF)

    Engrossed Amendment Senate · EN · 5 August 2010

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  • Engrossed Amendment House (text)

    Engrossed Amendment House · EN · 25 March 2010

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  • Engrossed Amendment House (PDF)

    Engrossed Amendment House · EN · 25 March 2010

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  • Passed Senate amended

    summary · EN · 22 March 2010

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  • Placed on Calendar Senate (text)

    Placed on Calendar Senate · EN · 23 March 2009

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  • Placed on Calendar Senate (PDF)

    Placed on Calendar Senate · EN · 23 March 2009

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  • Engrossed in House (text)

    Engrossed in House · EN · 19 March 2009

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 19 March 2009

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  • Passed House without amendment

    summary · EN · 19 March 2009

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  • Introduced in House (text)

    Introduced in House · EN · 18 March 2009

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  • Introduced in House (PDF)

    Introduced in House · EN · 18 March 2009

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  • Introduced in House

    summary · EN · 18 March 2009

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