H.R.3018 - Corporate Assets Should be used to Hire Act

To amend the Internal Revenue Code of 1986 to provide a temporary surtax on increases in retained earnings of domestic corporations. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to provide a temporary surtax on increases in retained earnings of domestic corporations. as introduced.
  • Short: Corporate Assets Should be used to Hire Act as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
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09/22/11
 
 
 
 
 
 
 

Official Summary

Corporate Assets Should be used to Hire Act - Amends the Internal Revenue Code to impose on domestic corporations in taxable years beginning in 2011 or 2012 an additional 40% tax on the excess of their retained earnings over their average retained earnings for the preceding 3 taxable years.

Official Summary

Corporate Assets Should be used to Hire Act - Amends the Internal Revenue Code to impose on domestic corporations in taxable years beginning in 2011 or 2012 an additional 40% tax on the excess of their retained earnings over their average retained earnings for the preceding 3 taxable years.  Exempts certain corporations from such tax, including corporations with retained earnings of less than $5 million in a taxable year.

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