S.2994 - Taxpayer Fairness Act

A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on excessive 2009 bonuses received from certain major recipients of Federal emergency economic assistance, to limit the deduction allowable for such bonuses, and for other purposes. view all titles (2)

All Bill Titles

  • Official: A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on excessive 2009 bonuses received from certain major recipients of Federal emergency economic assistance, to limit the deduction allowable for such bonuses, and for other purposes. as introduced.
  • Short: Taxpayer Fairness Act as introduced.

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02/04/10
 
 
 
 
 
 
 

Official Summary

Taxpayer Fairness Act - Amends the Internal Revenue Code to: (1) impose a 50% tax on bonuses, including retention bonuses, exceeding $400,000 paid in 2009 to employees of financial institutions (including the Federal National Mortgage Association [Fannie Mae] and the Federal Home Loan Mortg

Official Summary

Taxpayer Fairness Act - Amends the Internal Revenue Code to:
(1) impose a 50% tax on bonuses, including retention bonuses, exceeding $400,000 paid in 2009 to employees of financial institutions (including the Federal National Mortgage Association [Fannie Mae] and the Federal Home Loan Mortgage Corporation [Freddie Mac]) that received $5 billion or more in emergency economic assistance from the federal government; and
(2) limit the business tax deduction for such bonuses to 50% of the amount of such bonuses.

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