Patriot Corporations of America Act of 2007

To provide Federal contracting preferences for, and a reduction in the rate of income tax imposed on, Patriot corporations, and for other purposes.

8/2/2007--Introduced.
Patriot Corporations of America Act of 2007 - Grants after 2007 a preference to Patriot corporations in the evaluation of bids or proposals for federal contracts. Defines " Patriot corporation" as a corporation which:
(1) produces at least 90% of its goods and services in the United States;
(2) does not pay its its management-level employees at a rate more than 10,000% of the compensation of its lowest paid employee;
(3) conducts at least 50% of its research and development in the United States;
(4) contributes at least 5% of its payroll to a portable pension fund for its employees;
(5) pays at least 70% of its employees' health insurance costs;
(6) maintains a policy of neutrality in employee organizing drives;
(7) provides full differential salary and insurance benefits for all National Guard and Reserve employees who are called to active duty; and
(8) has not violated federal regulations, including regulations relating to the environment, workplace safety, labor relations, and consumer protections.
Amends the Internal Revenue Code to:
(1) reduce the income tax rate for Patriot corporations;
(2) reclassify foreign corporations created or organized to avoid federal taxation as domestic corporations for income tax purposes; and
(3) increase, for the period between January 1, 2007, and December 31, 2010, the income tax rate for individual taxpayers with adjusted gross incomes of $500,000 or more ($1 million or more for joint returns).

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Sponsor

• Rep. Janice Schakowsky [D, IL-9]
• and 14 Co-Sponsors
  • Rep. Nancy Boyda [D, KS-2]
  • Rep. Danny Davis [D, IL-7]
  • Rep. Keith Ellison [D, MN-5]
  • Rep. John Hall [D, NY-19]
  • Rep. Phil Hare [D, IL-17]
  • Rep. Jesse Jackson [D, IL-2]
  • Rep. Steve Kagen [D, WI-8]
  • Rep. Dale Kildee [D, MI-5]
  • Rep. Jerry McNerney [D, CA-11]
  • Rep. Michael Michaud [D, ME-2]
  • Rep. Timothy Ryan [D, OH-17]
  • Rep. Hilda Solis [D, CA-32]
  • Rep. Betty Sutton [D, OH-13]
  • Rep. Lynn Woolsey [D, CA-6]
  close

Committees

• House Ways and Means
• 1 more
  • House Oversight and Government Reform
  close

Amendments

This bill has no amendments.

Amendments to H.R.3319

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
August 02, 2007

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All Bill Actions

• Aug 02, 2007: Referred to House Oversight and Government Reform
• Aug 02, 2007: Referred to House Ways and Means
• Aug 02, 2007: Referred to the Committee on Ways and Means, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
• Introduced on Aug 02, 2007.

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Related Issue Areas:

• Taxation of foreign income
• Taxation
• Tax rates
• Tax evasion
• 30 more
• Sunset legislation
• Science policy
• Research and development
• Public contracts
• Pensions
• Pension portability
• Pension funds
• Offshore manufacturing
• Occupational health and safety
• Medicine
• Medical care
• Labor unions
• Labor
• Industrial research
• Industrial relations
• Industrial pollution
• Income tax
• Health policy
• Government contractors
• Foreign corporations
• Executive compensation
• Environmental protection
• Employee rights
• Employee health benefits
• Corporation taxes
• Consumers
• Consumer protection
• Congress
• Business
• Trade

Data from the Congressional Research Service

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Blog Coverage

February 27, 2008 Obabma's Blue Eagle Act (Patriot Employer Act of 2007)

In theory that's true,( just like in theory communism works Marge, in theory) but there is a companion bill in the house, The Patriot Corporation Act (HR 3319). This bill defines Patriot Corporation in essentially the same fashion as ...

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Source: KURU Lounge

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February 23, 2008 The Patriot Corporations Act

There is currently a version in both houses, and the House version ( HR 3319, The Patriot Corporations Act) has these interesting. REQUIREMENTS- A corporation meets the requirements of this subparagraph, with respect to any taxable year ...

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February 23, 2008 Patriot Corporations Act

There is currently a version in both houses, and the House version ( HR 3319, The Patriot Corporations Act) has these interesting. REQUIREMENTS- A corporation meets the requirements of this subparagraph, with respect to any taxable year ...

Was this article useful? Yes or No

Source: Left In Alabama - Front Page

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