[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1543 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 1543

 To amend the Internal Revenue Code of 1986 to impose a tax on bonuses 
             received from companies receiving TARP funds.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 17, 2009

 Mr. Dingell 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 tax on bonuses 
             received from companies receiving TARP funds.

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

SECTION 1. TAX ON BONUSES RECEIVED FROM COMPANIES RECEIVING TARP FUNDS.

    (a) In General.--Subchapter A of chapter 1 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new part:

   ``PART VIII--BONUSES RECEIVED FROM COMPANIES RECEIVING TARP FUNDS

``Sec. 59C. Bonuses received from companies receiving TARP funds.

``SEC. 59C. BONUSES RECEIVED FROM COMPANIES RECEIVING TARP FUNDS.

    ``(a) In General.--In the case of an employee or former employee of 
a TARP recipient, there is hereby imposed (in addition to any other tax 
imposed by this subtitle) a tax on any bonus received by the taxpayer 
during the taxable year from such TARP recipient equal to 95 percent of 
amount of such bonus.
    ``(b) TARP Recipient.--For purposes of this section--
            ``(1) In general.--The term `TARP recipient' means any 
        person who receives funds under title I of the Emergency 
        Economic Stabilization Act of 2008.
            ``(2) Period of treatment.--A person shall be treated as a 
        TARP recipient during the period beginning on the date that 
        such person first receives the funds referred to in paragraph 
        (1) and ending on the date that all such funds have been repaid 
        to the Federal Government.
    ``(c) Special Rules.--
            ``(1) Reimbursement of tax treated as a bonus.--Any 
        reimbursement by a TARP recipient of the tax imposed under this 
        section shall be treated in the same manner as the payment of a 
        bonus to the taxpayer liable for such tax.
            ``(2) Exclusion from gross income.--Any bonus with respect 
        to which tax is imposed under subsection (a) shall not be 
        includible in the gross income of the taxpayer.
    ``(d) Regulations.--The Secretary shall prescribe such regulations 
or other guidance as may be necessary or appropriate to carry out the 
purposes of this section.''.
    (b) Clerical Amendment.--The table of parts for subchapter A of 
chapter 1 of such Code is amended by adding at the end the following 
new item:

  ``Part VIII--Bonuses Received From Companies Receiving TARP Funds''.

    (c) Effective Date.--The amendments made by this section shall 
apply to bonuses paid before, on, or after the date of the enactment of 
this Act.
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