Summary: H.R.5699 — 109th Congress (2005-2006)All Information (Except Text)

There is one summary for H.R.5699. Bill summaries are authored by CRS.

Shown Here:
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).