DEPOSIT Act

S 800 imposes a special tax on certain bank executives who received bonuses or sold bank stock within 60 days before their institution was taken over by the Federal Deposit Insurance Corporation (FDIC). It applies to executives earning over $250,000 in adjusted gross income who worked at banks entering FDIC conservatorship or receivership. The tax rate is 90% on bonus payments and 100% on stock sale profits from that period. All revenue generated will be directed to the Deposit Insurance Fund, not directly to taxpayers.