118th Congress · HOUSE BILLBILL

H.R. 1654 — DEPOSIT Act

“To amend the Internal Revenue Code of 1986 to impose a higher rate of tax on bonuses and profits from sales of stock received by executives employed by failing banks that were closed and for which the Federal Deposit Insurance Corporation has been appointed as conservator or receiver.”

Taxation

Introduced Mar 17, 2023

Last action Mar 17, 2023

Pipeline · Bill → Law

Step 1

Introduced

Mar 17, 2023

Step 2

Referred

Mar 17, 2023

Ways & Means

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill imposes an increased tax rate on bonuses paid after March 1, 2023, and profits from sales of bank stock received by highly-paid bank executives employed by failing banks that were closed and for which the Federal Deposit Insurance Corporation has been appointed conservator or receiver. The bill expresses the sense of the Congress that revenues from such increased taxes be returned to the Deposit Insurance Fund of the Federal Deposit Insurance Corporation.

Provisions · 3 sectionsIntroduced in House

Timeline · 2 actions

Mar 17, 2023

Introduced in House

Mar 17, 2023

Referred to the House Committee on Ways and Means.