US SB2540 | 2013-2014 | 113th Congress
Status
Spectrum: Moderate Partisan Bill (Democrat 5-1)
Status: Introduced on June 26 2014 - 25% progression, died in committee
Action: 2014-06-26 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4156-4158)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on June 26 2014 - 25% progression, died in committee
Action: 2014-06-26 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4156-4158)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Patriot Employer Tax Credit Act - Amends the Internal Revenue Code to allow a Patriot employer a business-related tax credit for up to 10% of the first $15,000 of wages paid to any employee in a taxable year. Sets forth criteria for designation as a Patriot employer, including requirements that such employer: (1) maintains its headquarters in the United States and does not expatriate to avoid payment of U.S. income taxes, (2) complies with the employer mandate to provide minimum essential health care coverage to its employees under the Patient Protection and Affordable Care Act, (3) compensates at least 90% of its employees at a level that is 150% of the federal poverty level for a family of three and provides 90% of its employees with a basic level of retirement benefits, (4) provides for differential wage payments to its employees who are members of the Uniformed Services, and (5) increases the number of its employees performing substantially all of their services inside the United States to offset the number of employees who work outside the United States. Sets forth a rule for the deferral of the tax deduction for foreign-related interest expense.
Title
Patriot Employer Tax Credit Act
Sponsors
Sen. Richard Durbin [D-IL] | Sen. Tammy Baldwin [D-WI] | Sen. Sherrod Brown [D-OH] | Sen. Jack Reed [D-RI] |
Sen. Bernard Sanders [I-VT] | Sen. Elizabeth Warren [D-MA] |
History
Date | Chamber | Action |
---|---|---|
2014-06-26 | Senate | Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4156-4158) |
Same As/Similar To
HB5372 (Same As) 2014-07-31 - Referred to the House Committee on Ways and Means.
Subjects
Disability and paralysis
Employee benefits and pensions
Employee hiring
Employment and training programs
Income tax credits
Income tax deductions
Interest, dividends, interest rates
Labor standards
Taxation
Taxation of foreign income
Veterans' education, employment, rehabilitation
Wages and earnings
Employee benefits and pensions
Employee hiring
Employment and training programs
Income tax credits
Income tax deductions
Interest, dividends, interest rates
Labor standards
Taxation
Taxation of foreign income
Veterans' education, employment, rehabilitation
Wages and earnings
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/113th-congress/senate-bill/2540/all-info |
Text | https://www.congress.gov/113/bills/s2540/BILLS-113s2540is.pdf |