H.R.3319 - 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. view all titles (2)

All Bill Titles

  • Official: To provide Federal contracting preferences for, and a reduction in the rate of income tax imposed on, Patriot corporations, and for other purposes. as introduced.
  • Short: Patriot Corporations of America Act of 2007 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
08/02/07
 
 
 
 
 
 
 

Official Summary

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 State

Official Summary

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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