J.C. Penney trims perks over use of corporate jet

New York City J.C. Penney Co. said in a regulatory filing Tuesday that it will no longer offer tax reimbursements to its executives for their personal use of the company's corporate jet.

The move follows a widespread public backlash against excessive perks for corporate leaders while the rest of the nation struggles with a tough economy, layoffs, and taxpayer bailouts of the banking and automotive sectors.