Corporate Welfare Reduction and Job Preservation Act of 2006
Latest action · Aug 31, 2006 Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 11, 2006
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Corporate Welfare Reduction and Job Preservation Act of 2006 - Amends the Internal Revenue Code to require a 50% reduction in tax benefits for certain large profitable corporations that reduce their employee workforce by 15% or more. Defines "large profitable corporation" as a corporation or partnership that is not defined as a small business concern under the Small Business Act and which has a taxable income that exceeds net operating losses during a specified five-year period.
Amends the Foreign Assistance Act of 1961 and the Export-Import Act of 1945 to require large profitable corporations (as defined by this Act) that reduce their employee workforce by 15% or more to immediately repay loans and forfeit insurance benefits and credit lines provided by such Acts.
Cosponsors
Members who signed on, in the order they did.
Actions 3
Everything that happened, newest first.
- Aug 31, 2006Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.
- May 11, 2006Introduced in House
- May 11, 2006Referred to the Committee on Ways and Means, and in addition to the Committees on International Relations, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Subjects
Assigned by the Library of Congress. Policy area: Commerce.
- American investments
- Commerce
- Corporate downsizing
- Corporation taxes
- Developing countries
- Economics and Public Finance
- Export finance
- Finance and Financial Sector
- Foreign Trade and International Finance
- Government lending
- Government Operations and Politics
- Government paperwork
- Income tax
- Interest rates
- Investment guaranty insurance
- Profit
- Tax credits
- Tax deductions
- Tax exclusion
- Taxation
Text 1
Each version as it was printed, newest first.
- May 11, 2006Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.