3.0.0 1665 2023-03-08T20:12:35Z 2023-03-08T20:12:35Z House HR 2021-03-08 117 [Congressional Record Volume 167, Number 43 (Monday, March 8, 2021)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mrs. WATSON COLEMAN:H.R. 1665.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 18: To make all Laws whichshall be necessary and proper for carrying into Execution theforegoing Powers, and all other Powers vested by thisConstitution in the Government of the United States, or inany Department or Officer thereof.[Page H1122]]]> hswm00 Ways and Means Committee House Standing Referred to 2021-03-08T17:01:05Z 2021-03-08 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2021-03-08 Introduced in House IntroReferral Intro-H 9 Library of Congress 2021-03-08 Introduced in House IntroReferral 1000 9 Library of Congress W000822 Rep. Watson Coleman, Bonnie [D-NJ-12] Bonnie Watson Coleman D NJ 12 N J000306 Rep. Jones, Mondaire [D-NY-17] Mondaire Jones D NY 17 2021-03-19 False O000173 Rep. Omar, Ilhan [D-MN-5] Ilhan Omar D MN 5 2021-04-08 False B001224 Rep. Bush, Cori [D-MO-1] Cori Bush D MO 1 2021-06-01 False C001072 Rep. Carson, Andre [D-IN-7] Andre Carson D IN 7 2021-12-08 False N000002 Rep. Nadler, Jerrold [D-NY-10] JERROLD NADLER D NY 10 2022-03-17 False O000172 Rep. Ocasio-Cortez, Alexandria [D-NY-14] Alexandria Ocasio-Cortez D NY 14 2022-03-24 False Taxation Employee benefits and pensions Employment taxes Income tax deductions Wages and earnings Taxation 00 2021-03-08 Introduced in House 2021-05-14T14:55:56Z Employee Profit-Sharing Encouragement Act of 2021

This bill denies the business tax deduction for the remuneration of highly-compensated corporate employees unless the corporation has average annual gross receipts of less than $25 million and maintains a plan for making qualified profit-sharing distributions to its employees. The bill defines qualified profit-sharing distributions as cash distributions under a written employer plan that gives employees who have been employed for at least one year a right to profit-sharing distributions and bases the amount of such distributions on the measure of the receipts, profit, revenues, or earnings of the employer.

]]> Employee Profit-Sharing Encouragement Act of 2021 Display Title Employee Profit-Sharing Encouragement Act of 2021 Official Title as Introduced To amend the Internal Revenue Code of 1986 to deny the deduction for executive compensation unless the employer maintains profit-sharing distributions for employees. Introduced in House IH Short Title(s) as Introduced Employee Profit-Sharing Encouragement Act of 2021 Introduced in House IH Introduced in House 2021-03-08T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117hr1665ih/xml/BILLS-117hr1665ih.xml 2021-03-08 Referred to the House Committee on Ways and Means. 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.