S. 1975 · 108th Congress
A bill to amend the Internal Revenue Code of 1986 to deny a deduction for securities-related fines…
Full title
A bill to amend the Internal Revenue Code of 1986 to deny a deduction for securities-related fines, penalties, and other amounts, and to provide that revenues resulting from such denial be transferred to Fair Funds for the relief of victims.
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
DoddSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Amends the Internal Revenue code to prohibit the deduction of any fine or similar penalty paid to a government for the violation of any law.
What it does: CRS summary · Introduced in Senate · Nov 25, 2003
Amends the Internal Revenue code to prohibit the deduction of any fine or similar penalty paid to a government for the violation of any law.
Sets forth a special rule prohibiting the deduction of securities-related fines and penalties. Appropriates to Securities and Exchange Commission amounts determined to be equivalent to the increases in Federal revenues by reason of such fines and penalties and requires the Commission to transfer such amounts to any disgorgement fund for the benefit of the victims of the violations which resulted in such securities-related fines and penalties.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: A bill to amend the Internal Revenue Code of 1986 to deny a deduction for securities-related fines, penalties, and other amounts, and to provide that revenues resulting from such denial be transferred to Fair Funds for the relief of victims.
Latest action (Nov 25, 2003): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Nov 25, 2003
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.