,,ii  #aad? ,,congress  #b;d ,session   
,s4 #bedf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,febru>y #aa1 #bjaf    
,mr4 ,:iteh\se 7= himself1 ,mr4         
,blum5?al1 & ,mrs4 ,mc,caskill7         
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to require c]ta9  
plans provid+ = nonqualifi$ def]r$      
comp5sation to require repaym5t (       
b5efits to ! employ] 9 ! ev5t (         
extraord9>y gov]nm5tal assi/ance1 & =   
o!r purposes4  #a4 ,%ort title  ,?is    
,act may be cit$ z ! ,no ,w9dfalls =    
,bail$ ,out ,executives ,act4  #b4      
,requir$ repaym5t ( c]ta9 nonqualifi$   
def]r$ comp5sation 9 case ( extraord9>y 
gov]nm5tal assi/ance  7a7 ,9 g5]al      
,subsection 7a7 ( section #dji;,a ( !   
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new p>agraph3 
7#e7 ,requir$ repaym5t 9 case (         
extraord9>y gov]nm5tal assi/ance  7,a7  
,9 g5]al ,! requirem5ts ( ?is p>agraph  

are met if ! plan provides t1 if any    
employ] ma9ta9+ ! plan receives         
extraord9>y gov]nm5tal assi/ance--  7i7 
any comp5sation def]r$ "u ! plan :i* is 
attributable to s]vices p]=m$ by a      
designat$ individual ) respect to su*   
employ] dur+ ! #cf-mon? p]iod end+ on ! 
date ( ! receipt ( su* assi/ance %all be
 =feit$1 if n yet di/ribut$ by su* date1
 or repaid to ! employ]1 if already     
di/ribut$ by su* date1 &  7ii7 no fur!r 
comp5sation w be def]r$ "u ! plan )     
respect to su* designat$ individuals    
be=e ! date on :i* ! extraord9>y        
gov]nm5tal assi/ance is fully repaid to 
! ,f$]al ,gov]nm5t4  7,b7 ,extraord9>y  
gov]nm5tal assi/ance ,= purposes ( ?is  
p>agraph1 ! t]m extraord9>y gov]nm5tal  
assi/ance means any grant1 loan1 loan   
gu>antee1 or o!r assi/ance 7:e!r 9 ca%  
or o!rwise7 made by ! ,f$]al ,gov]nm5t  
to or on behalf ( an employ] :i* is     
int5d$ to prev5t ! employ] f becom+     
imm95tly insolv5t 7)9 ! mean+ ( section 
#aja7cb7 ( title #aa1 ,unit$ ,/ates     

,code7 or to cure su* insolv5cy ( !     
employ]4  7,c7 ,designat$ individual ,= 
purposes ( ?is p>agraph1 ! t]m designat$
 individual means-- 7i7 any key employee
 7z def9$ 9 section #daf7;i77#a771  7ii7
 any memb] ( ! bo>d ( directors or o!r  
(fic]1 &  7iii7 any o!r employee hav+ an
 annual comp5sation f ! employ] ( m ?an 
#a1jjj1jjj 9 any ye> dur+ or aft] !     
#cf-mon? p]iod end+ on ! date ( !       
receipt ( ! extraord9>y gov]nm5tal      
assi/ance4  7,d7 ,additional tax payable
 ) respect to comp5sation def]r$ or n   
repaid 9 violation ( rules  7i7 ,9 g5]al
 ,if comp5sation is requir$ to be       
includ$ 9 gross income "u p>agraph      
7#a77;,a7 = a taxable ye> due to a      
failure to meet ! requirem5ts ( ?is     
p>agraph1 !n 9 ! case ( any comp5sation 
:i* is n repaid to ! employ] 9 violation
 ( subp>agraph 7,a77i7 & any comp5sation
 :i* is def]r$ "u ! plan 9 violation (  
subp>agraph 7,a77ii71 p>agraph 7#a77;,b7
 %all n apply & ! tax impos$ by ?is     
*apt] = ! taxable ye> %all be increas$  

by an am\nt equal to--  7,i7 #ajj p]c5t 
( ! comp5sation t 0 n repaid 9 violation
 ( subp>agraph 7,a77i71 or #ajj p]c5t ( 
! comp5sation t 0 def]r$ 9 violation (  
subp>agraph 7,a77ii7 :i* is attributable
 to s]vices p]=m$ dur+ ! taxable ye>1   
:i*ev] is applicable1 r$uc$ by  7,,ii7 !
 am\nt ( tax impos$ by ?is *apt] )      
respect to su* comp5sation = ! taxable  
ye> o!r ?an "u ?is subp>agraph4  ,9 no  
ev5t %all ! effective rate ( tax impos$ 
by ?is *apt] on any su* comp5sation be  
great] ?an #ajj p]c5t4  7ii7            
,coord9ation ) employ] )hold+ ,=        
purposes ( apply+ section #cdjb7;a7 to--
 7,i7 any comp5sation :i* is n repaid to
 ! employ] 9 violation ( subp>agraph    
7,a77i71 &  7,,ii7 any comp5sation :i*  
is def]r$ "u ! plan 9 violation (       
subp>agraph 7,a77ii71  :i* is treat$ z  
wages = a taxable ye> by reason ( ?is   
p>agraph1 9 lieu ( ! rate ( tax         
applicable "u section #cdjb7;a77#a71 tax
 %all be )held on su* comp5sation at a  
rate ( #ajj p]c5t4  4  7b7 ,con=m+      

am5dm5ts  7#a7 ,subclause 7,i7 ( section
 #dji;,a7a77#a77;,a77i7 ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by /rik+ 
& 7#d7 & ins]t+ 7#d71 & 7#e74  7#b7     
,clause 7i7 ( section                   
#dji;,a7a77#a77;,b7 ( su* ,code is am5d$
 by /rik+ ,if & ins]t+ ,except z provid$
 9 p>agraph 7#e77;,d71 if4  7c7         
,effective date  7#a7 ,9 g5]al ,!       
am5dm5ts made by ?is section %all apply 
to am\nts def]r$ "u nonqualifi$ def]r$  
comp5sation plans 7z def9$ 9 section    
#dji;,a7d77#a7 ( ! ,int]nal ,rev5ue     
,code ( #aihf7 9 taxable ye>s beg9n+    
aft] ! date ( ! enactm5t ( ?is ,act4    
7#b7 ,special rule ,! am5dm5ts made by  
?is section %all apply to e>n+s on      
def]r$ comp5sation only to ! ext5t t su*
 am5dm5ts apply to su* comp5sation4