H.R.361 - A bill to amend the Internal Revenue Code of 1954 to provide that severance pay resulting from a plant closing shall be subject to tax at reduced rates.98th Congress (1983-1984)
|Sponsor:||Rep. Roe, Robert A. [D-NJ-8] (Introduced 01/03/1983)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 01/03/1983 Referred to House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.361 — 98th Congress (1983-1984)All Information (Except Text)
Introduced in House (01/03/1983)
Amends the Internal Revenue Code to impose a separate income tax on the severance pay of unmarried taxpayers whose employment is terminated by a closing of their place of employment which is likely to be permanent and which involves the discharge within a 12 month period of at least 75 percent of all employees.
Allows an income tax deduction for severance pay received in a taxable year to the extent that such pay is included in the gross income of the taxpayer.