• Proposed Legislation Would Make Significant Changes to the Rules Relating to Nonqualified Deferred Compensation Plans
  • June 2, 2004 | Authors: Steven B. Lapidus; William Tracy Haverfield
  • Law Firm: Greenberg Traurig, P.A. - Miami Office
  • On May 11, 2004, the U.S. Senate passed the Jumpstart Our Business Strength ("JOBS") Act (S.1637). One of the principal purposes of the JOBS Act is to reform certain U.S. tax laws that were found by the World Trade Organization ("WTO") to constitute illegal U.S. export subsidies. However, JOBS would also (among other things) add a new Section 409A to the Internal Revenue Code to make certain changes, unrelated to compliance with the WTO ruling, with regard to the taxation of nonqualified deferred compensation plans.