A bill to amend the Internal Revenue Code of 1954 to provide that severance pay resulting from a plant closing shall be subject to tax at reduced rates.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to impose a separate income tax on the severance pay of unmarried individuals whose employment is terminated by a closing of their place of employment which appears reasonably likely to be permanent and which involves the discharge within a 12 month period of at least 75 percent of the employees. Allows an income tax deduction for severance pay received in a taxable year to the extent that such pay is included in the gross income of the taxpayer.…