H.R.4426 - Wall Street Bonus Tax Act111th Congress (2009-2010)
|Sponsor:||Rep. Welch, Peter [D-VT-At Large] (Introduced 01/12/2010)|
|Committees:||House - Small Business; Ways and Means|
|Latest Action:||01/12/2010 Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, 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.|
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Summary: H.R.4426 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (01/12/2010)
Wall Street Bonus Tax Act - Amends the Internal Revenue Code to: (1) impose a tax on current or former employees of recipients of financial assistance under the Trouble Asset Relief Program (TARP) for 50% of any bonus exceeding $50,000 paid to them during 2010; and (2) establish in the Treasury the Small Business Growth Fund to hold revenues from such tax.
Requires the Administrator of the Small Business Administration (SBA) to establish and carry out a program to make loans directly to small business concerns. Makes amounts from such Fund available to carry out such program.