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   &lt;pre&gt;[Congressional Record Volume 167, Number 43 (Monday, March 8, 2021)][House]From the Congressional Record Online through the Government Publishing Office [&lt;a href="https://www.gpo.gov"&gt;www.gpo.gov&lt;/a&gt;]By Mrs. WATSON COLEMAN:H.R. 1665.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 18: To make all Laws whichshall be necessary and proper for carrying into Execution theforegoing Powers, and all other Powers vested by thisConstitution in the Government of the United States, or inany Department or Officer thereof.[Page H1122]&lt;/pre&gt;
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     Rep. Watson Coleman, Bonnie [D-NJ-12]
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     Watson Coleman
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     Carson
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     NADLER
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     Rep. Ocasio-Cortez, Alexandria [D-NY-14]
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     Alexandria
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     Ocasio-Cortez
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     Introduced in House
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     &lt;p&gt;&lt;b&gt;Employee Profit-Sharing Encouragement Act of 2021&lt;/b&gt;&lt;/p&gt; &lt;p&gt;This bill denies the business tax deduction for the remuneration of highly-compensated corporate employees unless the corporation has average annual gross receipts of less than $25 million and maintains a plan for making qualified profit-sharing distributions to its employees. The bill defines &lt;i&gt;qualified profit-sharing distributions&lt;/i&gt; as cash distributions under a written employer plan that gives employees who have been employed for at least one year a right to profit-sharing distributions and bases the amount of such distributions on the measure of the receipts, profit, revenues, or earnings of the employer.&lt;/p&gt;
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   Employee Profit-Sharing Encouragement Act of 2021
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     Employee Profit-Sharing Encouragement Act of 2021
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     To amend the Internal Revenue Code of 1986 to deny the deduction for executive compensation unless the employer maintains profit-sharing distributions for employees.
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   This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.
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H11100
2021-03-08
Ways and Means Committee
hswm00
2
House floor actions
Referred to the House Committee on Ways and Means.
IntroReferral
Intro-H
2021-03-08
9
Library of Congress
Introduced in House
IntroReferral
1000
2021-03-08
9
Library of Congress
Introduced in House
IntroReferral
2021-03-08T17:01:05Z
Referred to
House
Ways and Means Committee
hswm00
Standing
J000306
17
Mondaire
Rep. Jones, Mondaire [D-NY-17]
Jones
D
2021-03-19
NY
O000173
5
Ilhan
Rep. Omar, Ilhan [D-MN-5]
Omar
D
2021-04-08
MN
B001224
1
Cori
Rep. Bush, Cori [D-MO-1]
Bush
D
2021-06-01
MO
C001072
7
Andre
Rep. Carson, Andre [D-IN-7]
Carson
D
2021-12-08
IN
N000002
10
JERROLD
Rep. Nadler, Jerrold [D-NY-10]
NADLER
D
2022-03-17
NY
O000172
14
Alexandria
Rep. Ocasio-Cortez, Alexandria [D-NY-14]
Ocasio-Cortez
D
2022-03-24
NY
Congressional Research Service, Library of Congress
This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
2021-03-08
2021-03-08
Referred to the House Committee on Ways and Means.
House
Taxation
W000822
12
Bonnie
Rep. Watson Coleman, Bonnie [D-NJ-12]
N
Watson Coleman
D
NJ
Employee benefits and pensions Employment taxes Income tax deductions Wages and earnings
2021-03-08
Introduced in House
 <p><b>Employee Profit-Sharing Encouragement Act of 2021</b></p> <p>This bill denies the business tax deduction for the remuneration of highly-compensated corporate employees unless the corporation has average annual gross receipts of less than $25 million and maintains a plan for making qualified profit-sharing distributions to its employees. The bill defines <i>qualified profit-sharing distributions</i> as cash distributions under a written employer plan that gives employees who have been employed for at least one year a right to profit-sharing distributions and bases the amount of such distributions on the measure of the receipts, profit, revenues, or earnings of the employer.</p>
2021-05-14T14:55:56Z
00
2021-03-08T05:00:00Z
Introduced in House
https://www.govinfo.gov/content/pkg/BILLS-117hr1665ih/xml/BILLS-117hr1665ih.xml
Employee Profit-Sharing Encouragement Act of 2021
Employee Profit-Sharing Encouragement Act of 2021
Display Title
IH
Introduced in House
To amend the Internal Revenue Code of 1986 to deny the deduction for executive compensation unless the employer maintains profit-sharing distributions for employees.
Official Title as Introduced
IH
Introduced in House
Employee Profit-Sharing Encouragement Act of 2021
Short Title(s) as Introduced
HR
2023-03-08T20:12:35Z
2023-03-08T20:12:35Z
3.0.0
H11100
2021-03-08
Ways and Means Committee
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Referred to the House Committee on Ways and Means.
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2021-03-08
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Library of Congress
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1000
2021-03-08
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Library of Congress
Introduced in House
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W000822
12
Bonnie
Rep. Watson Coleman, Bonnie [D-NJ-12]
N
Watson Coleman
D
NJ
J000306
17
Mondaire
Rep. Jones, Mondaire [D-NY-17]
Jones
D
2021-03-19
NY
O000173
5
Ilhan
Rep. Omar, Ilhan [D-MN-5]
Omar
D
2021-04-08
MN
B001224
1
Cori
Rep. Bush, Cori [D-MO-1]
Bush
D
2021-06-01
MO
C001072
7
Andre
Rep. Carson, Andre [D-IN-7]
Carson
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2021-12-08
IN
N000002
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JERROLD
Rep. Nadler, Jerrold [D-NY-10]
NADLER
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2022-03-17
NY
O000172
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Alexandria
Rep. Ocasio-Cortez, Alexandria [D-NY-14]
Ocasio-Cortez
D
2022-03-24
NY
Employee benefits and pensions Employment taxes Income tax deductions Wages and earnings
2021-03-08
Introduced in House
 <p><b>Employee Profit-Sharing Encouragement Act of 2021</b></p> <p>This bill denies the business tax deduction for the remuneration of highly-compensated corporate employees unless the corporation has average annual gross receipts of less than $25 million and maintains a plan for making qualified profit-sharing distributions to its employees. The bill defines <i>qualified profit-sharing distributions</i> as cash distributions under a written employer plan that gives employees who have been employed for at least one year a right to profit-sharing distributions and bases the amount of such distributions on the measure of the receipts, profit, revenues, or earnings of the employer.</p>
2021-05-14T14:55:56Z
00
Employee Profit-Sharing Encouragement Act of 2021
Employee Profit-Sharing Encouragement Act of 2021
Display Title
IH
Introduced in House
To amend the Internal Revenue Code of 1986 to deny the deduction for executive compensation unless the employer maintains profit-sharing distributions for employees.
Official Title as Introduced
IH
Introduced in House
Employee Profit-Sharing Encouragement Act of 2021
Short Title(s) as Introduced
2021-03-08
Referred to the House Committee on Ways and Means.