S. 651 · 111th Congress
Compensation Fairness Act of 2009
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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BaucusSponsor14 cosponsors · 12 D, 2 R
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Bingaman
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Cantwell
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Grassley
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Kerry
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Lincoln
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Menendez
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Nelson
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Schumer
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Snowe
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Stabenow
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Wyden
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Boxer
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Harkin
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Mikulski11 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Compensation Fairness Act of 2009 - Amends the Internal Revenue Code to impose an excise tax on excessive bonuses paid by federal emergency economic assistance recipients to their employees (including directors or officers).
What it does: CRS summary · Introduced in Senate · Mar 19, 2009
Compensation Fairness Act of 2009 - Amends the Internal Revenue Code to impose an excise tax on excessive bonuses paid by federal emergency economic assistance recipients to their employees (including directors or officers). Sets the overall rate of such tax at 70% of the amount of such bonuses, 35% payable by federal emergency economic assistance recipients and 35% payable by the employees of such recipients. Exempts bonus recipients who repay bonus amounts to the federal government. Defines "excessive bonus" as any retention bonus or other bonus that exceeds $50,000 paid by a federal emergency economic assistance recipient after December 31, 2008.
Defines "federal emergency economic assistance recipient" as: (1) an entity and its affiliates to which the federal government has paid an aggregate of more than $100 million of assistance and in which the federal government has acquired an equity interest under a program authorized by the Emergency Economic Stabilization Act of 2008 or the Federal Reserve Act; and (2) the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).
Limits to $1 million the amount of compensation which a participant in a nonqualified deferred compensation plan maintained by a federal emergency economic assistance recipient may defer in any 12-month period.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Compensation Fairness Act of 2009
Latest action (Mar 23, 2009): Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 37.
Policy area: Taxation · Origin: Senate · Introduced: Mar 19, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.