[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5469 Introduced in House (IH)]








109th CONGRESS
  2d Session
                                H. R. 5469

To require corporate income reported to the Internal Revenue Service to 
     be included in annual reports to the Securities and Exchange 
                              Commission.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 24, 2006

  Mr. Gillmor (for himself and Mrs. Myrick) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To require corporate income reported to the Internal Revenue Service to 
     be included in annual reports to the Securities and Exchange 
                              Commission.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Honest Income Disclosure Act''.

SEC. 2. REPORTING OF TAX INCOME OF PUBLICLY TRADED CORPORATIONS.

    (a) In General.--Section 13 of the Securities Exchange Act of 1934 
(15 U.S.C. 78m) is amended by adding at the end the following:
    ``(m) Disclosure of Income Reported to the IRS.--Not later than 180 
days after the date of enactment of the Honest Income Disclosure Act, 
the Commission shall revise the regulations under this section to 
require that each annual report required to be filed under this section 
include the income reported by the issuer to the Internal Revenue 
Service for the most recent taxable year. Such regulations shall 
require that such income be presented in a prominent location in each 
report and in a manner that permits a ready comparison of such income 
to income otherwise required to be included in such reports under 
regulations issued under this section.''.
    (b) Requirements for the EDGAR System.--The Securities and Exchange 
Commission shall require that the information required to be filed with 
the Commission pursuant to regulations issued under the amendment made 
by subsection (a) be in a form and manner suitable for entry into the 
EDGAR system, and shall, immediately upon receipt of such information, 
make such information available via that system.
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