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118-hr-2628Committee
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Employee Profit-Sharing Encouragement Act of 2023

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Summary

Official CRS summary

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 qualified profit-sharing distributions 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.

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Bill details

Congress
118
Bill type
hr
Introduced
April 13, 2023
Sponsor
Not yet available
Last action
April 13, 2023— Referred to the House Committee on Ways and Means.

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