3.0.0 651 2017-12-13T21:41:14Z 2023-01-10T19:22:56Z Senate S S 2009-03-19 111 2009-03-23 Senate Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 37. Calendars 2009-03-19 Senate Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time. Calendars 2009-03-19 Sponsor introductory remarks on measure. (CR S3563-3564) IntroReferral B00100 9 Library of Congress 2009-03-19 Introduced in Senate IntroReferral 10000 9 Library of Congress B000243 Sen. Baucus, Max [D-MT] MAX BAUCUS D MT SIEBEN N G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. 2009-03-19 True W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR 2009-03-19 True S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. 2009-03-19 True L000035 Sen. Lincoln, Blanche L. [D-AR] BLANCHE LINCOLN D AR LAMBERT 2009-03-19 True K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES 2009-03-19 True S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2009-03-19 True S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2009-03-19 True M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ 2009-03-19 True N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM 2009-03-19 True B000468 Sen. Bingaman, Jeff [D-NM] JESSE BINGAMAN D NM FRANCIS 2009-03-19 True C000127 Sen. Cantwell, Maria [D-WA] Maria Cantwell D WA 2009-03-19 True M000702 Sen. Mikulski, Barbara A. [D-MD] BARBARA MIKULSKI D MD ANN 2009-03-30 False B000711 Sen. Boxer, Barbara [D-CA] BARBARA BOXER D CA 2009-03-30 False H000206 Sen. Harkin, Tom [D-IA] THOMAS HARKIN D IA RICHARD 2009-03-30 False Taxation Corporate finance and management Employee benefits and pensions Financial crises and stabilization Government corporations and government-sponsored enterprises Housing finance and home ownership Sales and excise taxes Wages and earnings Taxation 00 2009-03-19 Introduced in Senate 2009-03-27T18:47:01Z 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.

]]> Compensation Fairness Act of 2009 Short Titles as Introduced Compensation Fairness Act of 2009 Display Title Compensation Fairness Act of 2009 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on excessive bonuses paid by, and received from, companies receiving Federal emergency economic assistance, to limit the amount of nonqualified deferred compensation that employees of such companies may defer from taxation, and for other purposes. Placed on Calendar Senate 2009-03-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s651pcs/xml/BILLS-111s651pcs.xml 2009-03-23 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 37. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.