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Senate Finance Committee To Consider Further Restrictions On Deferred Comp
Jan. 17, 2007
FEI Summary
The Senate Finance Committee will soon consider the “Small Business and Work Opportunity Act of 2007.” The legislation includes numerous proposals to raise revenue, including a provision that would place new limits on contributions made to non-qualified deferred compensation plans. As drafted, annual aggregate amounts deferred under a non-qualified deferred compensation plan may not exceed $1 million. Amounts in excess of $1 million will be treated as current income, subject to taxation, unless other exceptions outlined in the Internal Revenue Code are satisfied.
The Senate Finance Committee will mark-up this legislation the week of January 15th. For further informaion, see the detailed description of the legislative proposal as well as a revenue table for the various provisions in the bill. Both documents were prepared by the Joint Committee on Taxation.
Prepared Jan. 17, 2007 by Mark Prysock, mprysock@FinancialExecutives.org, General Counsel, Financial Executives International (FEI). This summary does not represent FEI opinion unless specifically noted above.
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