H.R. 5378 · 109th Congress
Corporate Welfare Reduction and Job Preservation Act of 2006
- Stage
- In committee
- Sponsor
- Cynthia McKinney
- Introduced
- 2006-05-11
- Latest action
- 2006-08-31 · Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.
Summary
Corporate Welfare Reduction and Job Preservation Act of 2006 - Amends the Internal Revenue Code to require a 50% reduction in tax benefits for certain large profitable corporations that reduce their employee workforce by 15% or more. Defines "large profitable corporation" as a corporation or partnership that is not defined as a small business concern under the Small Business Act and which has a taxable income that exceeds net operating losses during a specified five-year period.
Amends the Foreign Assistance Act of 1961 and the Export-Import Act of 1945 to require large profitable corporations (as defined by this Act) that reduce their employee workforce by 15% or more to immediately repay loans and forfeit insurance benefits and credit lines provided by such Acts.