S. 1890 · 109th Congress
Government Settlement Transparency Act of 2005
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BaucusSponsor3 cosponsors · 1 D, 2 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Government Settlement Transparency Act of 2005 - Amends the Internal Revenue Code to revise the rule denying a tax deduction for fines and penalties paid to a government for the violation of any law to provide that no deduction shall be allowed for any fine or penalty paid (whether by suit, agreement, or otherwise) to, or at the direction of, a government…
What it does: CRS summary · Introduced in Senate · Oct 19, 2005
Government Settlement Transparency Act of 2005 - Amends the Internal Revenue Code to revise the rule denying a tax deduction for fines and penalties paid to a government for the violation of any law to provide that no deduction shall be allowed for any fine or penalty paid (whether by suit, agreement, or otherwise) to, or at the direction of, a government or nongovernmental regulatory entity for a violation of law or for the investigation or inquiry by such government or entity into a potential violation of any law.
Allows exceptions to the general rule of nondeductibility for: (1) certain restitution payments or payments required to come into compliance with law; (2) court-ordered payments not involving a government or nongovernmental regulatory entity; and (3) amounts paid or incurred as taxes due.
Requires governmental agencies involved in a settlement with a taxpayer to report to the Secretary of the Treasury and the taxpayer information about such settlement, including the amount of the settlement, the amount paid as restitution or remediation of property, and the amount paid to come into compliance with law.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Government Settlement Transparency Act of 2005
Latest action (Oct 19, 2005): Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S11566-11567)
Policy area: Taxation · Origin: Senate · Introduced: Oct 19, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.