H.R.1163 - Patriot Corporations of America Act of 2011112th Congress (2011-2012)
Summary: H.R.1163 — 112th Congress (2011-2012)
Introduced in House (03/17/2011)
Patriot Corporations of America Act of 2011- Grants after 2011 a preference to Patriot corporations in the evaluation of bids or proposals for federal contracts. Defines "Patriot corporation" 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, 2011, and December 31, 2012, the income tax rate for individual taxpayers with adjusted gross incomes of $500,000 or more ($1 million or more for joint returns).