[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1527 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 1527

 To amend the Internal Revenue Code of 1986 to impose a higher rate of 
    tax on bonuses paid by certain businesses owned by the Federal 
                              Government.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 16, 2009

  Mr. Peters introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to impose a higher rate of 
    tax on bonuses paid by certain businesses owned by the Federal 
                              Government.

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

SECTION 1. HIGHER RATE OF TAX ON BONUSES PAID BY CERTAIN BUSINESSES 
              OWNED BY THE FEDERAL GOVERNMENT.

    (a) In General.--Section 1 of the Internal Revenue Code of 1986 
(relating to tax imposed on individuals) is amended by adding at the 
end the following new subsection:
    ``(j) Tax on Bonuses Paid by Certain Businesses Owned by the 
Federal Government.--
            ``(1) In general.--In the case of any individual who 
        receives a covered bonus during the taxable year, the tax 
        imposed by this section shall be increased by an amount equal 
        to 60 percent of the covered bonus.
            ``(2) Covered bonus.--For purposes of this subsection--
                    ``(A) In general.--The term `covered bonus' means 
                any payment in the nature of a bonus which is paid by 
                any person if at the time such bonus is paid the 
                ownership interest of the Federal Government in such 
                person is--
                            ``(i) in the case of a corporation, 79 
                        percent or more of the stock of such person (by 
                        vote or value),
                            ``(ii) in the case of a partnership, 79 
                        percent or more of the profits interests or 
                        capital interests in such person, and
                            ``(iii) in any other case, 79 percent or 
                        more of the beneficial interests in such 
                        person.
                    ``(B) Controlled groups.--
                            ``(i) In general.--For purposes of 
                        subparagraph (A), all persons treated as a 
                        single employer under subsection (a) or (b) of 
                        section 52 or under subsection (m) or (o) of 
                        section 414 shall be treated as one person.
                            ``(ii) Inclusion of foreign corporations.--
                        For purposes of clause (i), in applying 
                        subsections (a) and (b) of section 52 to this 
                        section, section 1563 shall be applied without 
                        regard to subsection (b)(2)(C) thereof.
                    ``(C) Aggregate bonus must exceed $10,000.--This 
                subsection shall not apply with respect to bonuses paid 
                to the taxpayer during the taxable year by a person 
                described in subparagraph (A) if the aggregate amount 
                of such bonuses paid by such person with respect to the 
                taxpayer does not exceed $10,000.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2008.
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