3.0.0 2628 2024-07-24T15:22:48Z 2024-07-24T15:22:48Z House H HR 2023-04-13 118 [Congressional Record Volume 169, Number 62 (Thursday, April 13, 2023)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mrs. WATSON COLEMAN:H.R. 2628.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1: The Congress sha11 havePower To lay and collect Taxes, Duties, Imposts and Excises,to pay the Debts and provide for the common Defence andgeneral Welfare of the United States; but all Duties, Impostsand Excises shall be uniform throughout the United StatesThe single subject of this legislation is:Taxation[Page H1728]]]> hswm00 Ways and Means Committee House Standing Referred to 2023-04-13T15:03:15Z 2023-04-13 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2023-04-13 Introduced in House IntroReferral Intro-H 9 Library of Congress 2023-04-13 Introduced in House IntroReferral 1000 9 Library of Congress W000822 Rep. Watson Coleman, Bonnie [D-NJ-12] Bonnie Watson Coleman D NJ 12 N C001072 Rep. Carson, Andre [D-IN-7] Andre Carson D IN 7 2023-04-13 True G000553 Rep. Green, Al [D-TX-9] Al Green D TX 9 2023-04-13 True O000173 Rep. Omar, Ilhan [D-MN-5] Ilhan Omar D MN 5 2023-04-13 True C001130 Rep. Crockett, Jasmine [D-TX-30] Jasmine Crockett D TX 30 2023-09-01 False Taxation Taxation 2023-04-19T19:00:21Z 00 2023-04-13 Introduced in House 2023-04-19T19:24:24Z Employee Profit-Sharing Encouragement Act of 2023

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 2023 Display Title 45 Employee Profit-Sharing Encouragement Act of 2023 2024-07-24T15:22:48Z Short Title(s) as Introduced 101 Employee Profit-Sharing Encouragement Act of 2023 2024-05-24T13:41:00Z Introduced in House IH Official Title as Introduced 6 To amend the Internal Revenue Code of 1986 to deny the deduction for executive compensation unless the employer maintains profit-sharing distributions for employees. 2024-03-18T20:36:58Z Introduced in House IH Introduced in House 2023-04-13T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118hr2628ih/xml/BILLS-118hr2628ih.xml 2023-04-13 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.