H.R. 5378 · 109th Congress
Corporate Welfare Reduction and Job Preservation Act of 2006
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
McKinneySponsorNo cosponsors.
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.
What it does: CRS summary · Introduced in House · May 11, 2006
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Corporate Welfare Reduction and Job Preservation Act of 2006
Latest action (Aug 31, 2006): Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.
Policy area: Commerce · Origin: House · Introduced: May 11, 2006
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.