To provide a Federal income tax credit for Eagle employers, and for other purposes.

Summary: Eagle Employers Act - Amends the Internal Revenue Code to allow a taxpayer certified as an Eagle employer by the Secretary of the Treasury a tax credit for one percent of such employer's taxable income. Defines an " Eagle employer" as any taxpayer who: (1) maintains its headquarters in the United States; (2) pays at least 60% of the health care premiums of its employees; (3) maintains or increases the number of its full-time workers in the United States relative to its full-time workers outside of the United States; (4) provides full differential salary and insurance benefits for all National Guard and Reserve employees called to active duty; and (5) provides its employees with a certain level of compensation and retirement benefits.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Eagle Employers Act''.

SEC. 2. REDUCED TAXES FOR EAGLE EMPLOYERS.

    (a) In General.--Subpart D of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by adding at the end 
the following new section:

``SEC. 45O. REDUCTION IN TAX OF EAGLE EMPLOYERS.

    ``(a) In General.--In the case of any taxable year with respect to 
which a taxpayer is certified by the Secretary as an Eagle employer, 
the Eagle employer credit determined under this section for purposes of 
section 38 shall be equal to 1 percent of the taxable income of the 
taxpayer which is properly allocable to all trades or businesses with 
respect to which the taxpayer is certified as an Eagle employer for the 
taxable year.
    ``(b) Eagle Employer.--For purposes of subsection (a), the term 
`Eagle employer' means, with respect to any taxable year, any taxpayer 
which--
            ``(1) maintains its headquarters in the United States if 
        the taxpayer has ever been headquartered in the United States,
            ``(2) pays at least 60 percent of each employee's health 
        care premiums,
            ``(3) if such taxpayer employs at least 50 employees on 
        average during the taxable year--
                    ``(A) maintains or increases the number of full-
                time workers in the United States relative to the 
                number of full-time workers outside of the United 
                States,
                    ``(B) compensates each employee of the taxpayer at 
                an hourly rate (or equivalent thereof) not less than an 
                amount equal to the Federal poverty level for a family 
                of three for the calendar year in which the taxable 
                year begins divided by 2,080,
                    ``(C) provides either--
                            ``(i) a defined contribution plan which for 
                        any plan year--
                                    ``(I) requires the employer to make 
                                nonelective contributions of at least 5 
                                percent of compensation for each 
                                employee who is not a highly 
                                compensated employee, or
                                    ``(II) requires the employer to 
                                make matching contributions of 100 
                                percent of the elective contributions 
                                of each employee who is not a highly 
                                compensated employee to the extent such 
                                contributions do not exceed the 
                                percentage specified by the plan (not 
                                less than 5 percent) of the employee's 
                                compensation, or
                            ``(ii) a defined benefit plan which for any 
                        plan year requires the employer to make 
                        contributions on behalf of each employee who is 
                        not a highly compensated employee in an amount 
                        which will provide an accrued benefit under the 
                        plan for the plan year which is not less than 5 
                        percent of the employee's compensation, and
                    ``(D) provides full differential salary and 
                insurance benefits for all National Guard and Reserve 
                employees who are called for active duty, and
            ``(4) if such taxpayer employs less than 50 employees on 
        average during the taxable year, either--
                    ``(A) compensates each employee of the taxpayer at 
                an hourly rate (or equivalent thereof) not less than an 
                amount equal to the Federal poverty level for a family 
                of 3 for the calendar year in which the taxable year 
                begins divided by 2,080, or
                    ``(B) provides either--
                            ``(i) a defined contribution plan which for 
                        any plan year--
                                    ``(I) requires the employer to make 
                                nonelective contributions of at least 5 
                                percent of compensation for each 
                                employee who is not a highly 
                                compensated employee, or
                                    ``(II) requires the employer to 
                                make matching contributions of 100 
                                percent of the elective contributions 
                                of each employee who is not a highly 
                                compensated employee to the extent such 
                                contributions do not exceed the 
                                percentage specified by the plan (not 
                                less than 5 percent) of the employee's 
                                compensation, or
                            ``(ii) a defined benefit plan which for any 
                        plan year requires the employer to make 
                        contributions on behalf of each employee who is 
                        not a highly compensated employee in an amount 
                        which will provide an accrued benefit under the 
                        plan for the plan year which is not less than 5 
                        percent of the employee's compensation.''.
    (b) Allowance as General Business Credit.--Section 38(b) of the 
Internal Revenue Code or 1986 is amended by striking ``plus'' at the 
end of paragraph (30), by striking the period at the end of paragraph 
(31) and inserting ``, plus'', and by adding at the end the following:
            ``(32) the Eagle employer credit determined under section 
        45O.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2007.