Bill Text: IL HR0553 | 2013-2014 | 98th General Assembly | Introduced
Bill Title: Urges Congress to pass S. 1476, the Stop Subsidizing Multimillion Dollar Corporate Bonuses Act.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2014-12-03 - Session Sine Die [HR0553 Detail]
Download: Illinois-2013-HR0553-Introduced.html
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1 | HOUSE RESOLUTION
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2 | WHEREAS, Despite the current instability of the economy, | ||||||
3 | times in which income inequality rises and middle-class wages | ||||||
4 | stagnate, American taxpayers are subsidizing tens of billions | ||||||
5 | of dollars in corporate bonuses; and
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6 | WHEREAS, In 1993, Congress capped the deductibility of | ||||||
7 | certain executive pay to $1 million; however, the law allowed | ||||||
8 | an exception for performance-based pay, including stock | ||||||
9 | options, non-equity incentive plans, and stock appreciation | ||||||
10 | rights, as part of Section 162(m) of the Internal Revenue Code; | ||||||
11 | as a result of the law, more executive compensation packages | ||||||
12 | have been structured to meet the performance-based exception as | ||||||
13 | a way to avoid paying taxes on corporate earnings; and
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14 | WHEREAS, On August 1, 2013, United States Senators Jack | ||||||
15 | Reed (D-RI) and Richard Blumenthal (D-CT) introduced a bill | ||||||
16 | that would address these inequities; and
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17 | WHEREAS, The Stop Subsidizing Multimillion Dollar | ||||||
18 | Corporate Bonuses Act would limit the tax deductibility of | ||||||
19 | executive pay to $1 million and eliminate the exception for | ||||||
20 | commission-based and performance-based compensation; the Act | ||||||
21 | would also expands the restrictions to all current and former | ||||||
22 | employees of all corporations that file periodic reports with |
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1 | the United States Securities and Exchange Commission; and
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2 | WHEREAS, The Stop Subsidizing Multimillion Dollar | ||||||
3 | Corporate Bonuses Act would generate $50 billion in tax revenue | ||||||
4 | over a 10-year period; this revenue could be used for any | ||||||
5 | number of public programs that would promote the general | ||||||
6 | interest; therefore, be it
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7 | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | ||||||
8 | NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | ||||||
9 | we urge Congress to pass S. 1476, the Stop Subsidizing | ||||||
10 | Multimillion Dollar Corporate Bonuses Act; and be it further
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11 | RESOLVED, That suitable copies of this resolution be | ||||||
12 | delivered to the Speaker and Minority Leader of the United | ||||||
13 | States House of Representatives, the Majority and Minority | ||||||
14 | Leaders of the United States Senate, and the members of the | ||||||
15 | Illinois congressional delegation.
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