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H.R.5378 - Corporate Welfare Reduction and Job Preservation Act of 2006

To amend the Internal Revenue Code of 1986 to reduce by 50 percent certain tax benefits allowable to profitable large corporations which make certain workforce reductions. view all titles (2)

All Bill Titles

  • Short: Corporate Welfare Reduction and Job Preservation Act of 2006 as introduced.
  • Official: To amend the Internal Revenue Code of 1986 to reduce by 50 percent certain tax benefits allowable to profitable large corporations which make certain workforce reductions. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
05/11/06
 
 
 
 
 
 
 

Official Summary

Corporate Welfare Reduction and Job Preservation Act of 2006 - Amends the Internal Revenue Code to require a 50% reduction in tax benefits for certain large profitable corporations that reduce their employee workforce by 15% or more. Defines \"large profitable corporation\" as a corporation

Official Summary

Corporate Welfare Reduction and Job Preservation Act of 2006 - Amends the Internal Revenue Code to require a 50% reduction in tax benefits for certain large profitable corporations that reduce their employee workforce by 15% or more. Defines \"large profitable corporation\" as a corporation or partnership that is not defined as a small business concern under the Small Business Act and which has a taxable income that exceeds net operating losses during a specified five-year period.Amends the Foreign Assistance Act of 1961 and the Export-Import Act of 1945 to require large profitable corporations (as defined by this Act) that reduce their employee workforce by 15% or more to immediately repay loans and forfeit insurance benefits and credit lines provided by such Acts.

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