H.R.929 - Patriot Corporations of America Act of 2013113th Congress (2013-2014)
|Sponsor:||Rep. Schakowsky, Janice D. [D-IL-9] (Introduced 02/28/2013)|
|Committees:||House - Oversight and Government Reform; Ways and Means|
|Latest Action:||02/28/2013 Referred to the Committee on Ways and Means, and in addition to the Committee on Oversight and Government Reform, 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.929 — 113th Congress (2013-2014)All Bill Information (Except Text)
Introduced in House (02/28/2013)
Patriot Corporations of America Act of 2013 - Grants after 2013 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 employees' health insurance costs; (6) maintains a policy of neutrality in employee organizing drives; (7) provides full differential salary and insurance benefits for all National Guard and Reserve employees who are called to active duty; and (8) 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 corporations, and (2) reclassify foreign corporations created or organized to avoid federal taxation as domestic corporations for income tax purposes.