S. 3166 · 111th Congress
Ponzi Scheme Victim's Bill of Rights Act of 2010
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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SchumerSponsor18 cosponsors · 10 D, 7 R, 1 I
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Bond
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Burr
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Cantwell
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Cochran
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Dodd
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Gillibrand
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Kerry
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Lincoln
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LeMieux
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Menendez
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McCaskill17 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Ponzi Scheme Victim's Bill of Rights Act of 2010 - Amends the Internal Revenue Code to allow: (1) a special tax deduction for qualified fraudulent investment losses held in an individual retirement account (IRA); (2) a six-year carryback of net operating losses which are qualified fraudulent investment losses; (3) withdrawals from tax-exempt retirement…
What it does: CRS summary · Introduced in Senate · Mar 25, 2010
Ponzi Scheme Victim's Bill of Rights Act of 2010 - Amends the Internal Revenue Code to allow: (1) a special tax deduction for qualified fraudulent investment losses held in an individual retirement account (IRA); (2) a six-year carryback of net operating losses which are qualified fraudulent investment losses; (3) withdrawals from tax-exempt retirement plans for a 10-year period without penalty to replace qualified fraudulent investment losses; (4) catch-up contributions to retirement plans to compensate for fraudulent investment losses; and (5) an extension of the limitation period for filing refund claims for overpayments of tax in connection with gifts and bequests of an interest in an investment for which there is a qualified fraudulent investment loss.
Defines "qualified fraudulent investment loss" as a loss discovered in 2008 or 2009 resulting from a fraudulent arrangement in which a person receives cash or property from investors, purports to earn income for investors, reports partially or wholly fictitious income to such investors, makes payments to some investors from payments made by other investors, and appropriates some or all of the investors' cash or property.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Ponzi Scheme Victim's Bill of Rights Act of 2010
Latest action (Mar 25, 2010): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Mar 25, 2010
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.