Summary: H.R.361 — 98th Congress (1983-1984)All Information (Except Text)

There is one summary for H.R.361. Bill summaries are authored by CRS.

Shown Here:
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.