H.R. 1874 would provide Federal contracting preferences for, and a reduction in the rate of income tax imposed on, Patriot corporations.
Detailed Summary
Patriot Corporations of America Act of 2009 - Grants after 2009 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; (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, 2009, and December 31, 2010, the income tax rate for individual taxpayers with adjusted gross incomes of $500,000 or more ($1 million or more for joint returns).
Status of the Legislation
Latest Major Action: 4/2/2009: Referred to House committee. Status: 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.
Points in Favor
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Points Against
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Visitor Comments
George
October 13, 2009, 4:45pm (report abuse)Sounds like an extension of regulator socialism. A better title would be government corporations vs private corporations. Should this socialist act pass, we can expect it to expand the criteria and special benefits, until the government controls all US corporations without having to buy any of the stock. We need to quickly vote Congress out of office before they can enact such anti-American laws.