H.R.5699 - Patriot Corporations of America Act of 2006109th Congress (2005-2006)
|Sponsor:||Rep. Schakowsky, Janice D. [D-IL-9] (Introduced 06/28/2006)|
|Committees:||House - Ways and Means; Government Reform|
|Latest Action:||06/28/2006 Referred to House Government Reform (All Actions)|
This bill has the status Introduced
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Subject — Policy Area:
- Foreign Trade and International Finance
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Summary: H.R.5699 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in House (06/28/2006)
Patriot Corporations of America Act of 2006 - Grants a preference to Patriot corporations in the evaluation of bids or proposals for federal contracts. Defines " Patriot corporation" as a corporation which: (1) produces at least 90% of its goods and services in the United States; (2) does not pay its its management-level employees at a rate more than 10,000% of the compensation of its lowest paid employee; (3) conducts at least 50% of its research and development in the United States; (4) contributes at least 5% of its payroll to a portable pension fund for its employees; (5) pays at least 70% of its employee health insurance costs; (6) maintains a policy of neutrality in employee organizing drives; and (7) has not violated federal regulations, including regulations relating to the environment, workplace safety, labor relations, and consumer protections.
Amends the Internal Revenue Code to: (1) reduce the income tax rate for Patriot corporation; (2) reclassify foreign corporations created or organized to avoid federal taxation as domestic corporations for income tax purposes; and (3) increase, for the period between January 1, 2007, and December 31, 2010, income taxes for individual taxpayers with adjusted gross incomes of $500,000 or more ($1 million or more for joint returns).