Patriot Corporations of America Act of 2007

Bill: 110-hr-3319
Sponsor: Rep. Schakowsky, Janice D. [D-IL-9]
Introduced: 2007-08-02 in the House
Policy area: Foreign Trade and International Finance
Subjects: Commerce
Congress
Consumer protection
Corporation taxes
Employee health benefits
Employee rights
Environmental Protection
Executive compensation
Foreign corporations
Government Operations and Politics
Government contractors
Health
Income tax
Industrial pollution
Industrial relations
Industrial research
Labor and Employment
Labor unions
Occupational health and safety
Offshore manufacturing
Pension funds
Pension portability
Research and development
Science, Technology, Communications
Sunset legislation
Tax evasion
Tax rates
Taxation
Taxation of foreign income

Summary:
action_date: 2007-08-02
text: 
Patriot Corporations of America Act of 2007 - Grants after 2007 a preference to Patriot corporations in the evaluation of bids or proposals for federal contracts. Defines &quot; Patriot corporation&quot; 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, 2007, 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). 


Legislative actions:
action_date: 2007-08-02
text: 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.
action_date: 2007-08-02
text: 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.
action_date: 2007-08-02
text: 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.
action_date: 2007-08-02
text: Introduced in House
action_date: 2007-08-02
text: Introduced in House