The Senate Finance Committee holds a hearing today at 10:00 a.m. in 215 Dirksen Senate Office Building to consider The Small Business and Work Opportunity Act of 2007, which includes a controversial provision to cap the amount of deferred compensation at $1 million annually:

The annual deferral on behalf of an individual to nonqualified deferred compensation arrangements of an employer is limited to the lesser of $1 million or the average taxable compensation for the previous five years. Failure to comply will result in ordinary income tax and the penalties applicable to other failures to comply with deferral rules.

• Staff Summary
• Joint Committee Summary
• Joint Commitee Revenue Estimate
• Bloomberg:  Senate Panel May Limit Tax-Deferred Pay to $1 Million, by Ryan J. Donmoyer
• Washington Post:  Senators To Target Executive Benefit; Deferred Pay May Be Capped, by Lori Montgomery & Jeffrey H. Birnbaum