<nobr>Oct 27, 2003</nobr>

Modified version of the American Jobs Creation Act (H.R. 2896)

A modified version of the American Jobs Creation Act (H.R. 2896) is scheduled for full committee markup in the House Ways and Means Committee on October 28th. The bill, sponsored by Committee Chairman, Bill Thomas (R-CA), contains provisions that would raise $1.1 billion in revenue from benefit plan and compensation reforms. These provisions would:

• Create rules to govern the tax treatment of nonqualified deferred compensation to ensure that tax is deferred only in situations where the compensation is truly at risk and the employee does not have access or control over the deferred amounts.
• Clarify that statutory stock options are not subject to payroll tax when the option is exercised.
• Extend for five years the ability to transfer excess defined benefit pension assets to retiree health accounts.

Text Files:

Click here to view the new version of H.R. 2896

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