Thompson Hine Comment Letter Regarding Effective Date of Future Section 162(m) Expansion
Date: October 26, 2008
A bill was introduced in October 2008 by Finance Committee member Senator Kerry that would expand the application of the Section 162(m) compensation deduction limitation by (1) deleting the performance based exception and (2) eliminating the exception that compensation paid to executives who cease employment before year end is not subject to the limitation.
Senator Kerry subsequently sent a letter to Treasury Secretary Geithner requesting that his proposal be included in the budget being considered, and he posted this letter on his website. To further address this issue, Frank Ferrante contacted Senator Kerry's office to forward them a letter which he sent to the Treasury with respect to the accounting hit that would result if a legislative change denies the future deduction for compensation that was deferred in prior years.
Click here to read the letter sent to the Treasury by Frank Ferrante.
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