S. 169 · 114th Congress
No Tax Write-offs for Corporate Wrongdoers Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
LeahySponsorNo cosponsors.
Amends the Internal Revenue Code to: (1) deny a tax deduction for any amount paid or incurred for punitive damages in connection with any judgment in, or settlement of, any legal action; and (2) include any amount paid as punitive damages in gross income for income tax purposes.
What it does: CRS summary · Introduced in Senate · Jan 13, 2015
No Tax Write-offs for Corporate Wrongdoers Act
Amends the Internal Revenue Code to: (1) deny a tax deduction for any amount paid or incurred for punitive damages in connection with any judgment in, or settlement of, any legal action; and (2) include any amount paid as punitive damages in gross income for income tax purposes.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: No Tax Write-offs for Corporate Wrongdoers Act
Latest action (Jan 13, 2015): Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S204-205)
Policy area: Taxation · Origin: Senate · Introduced: Jan 13, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.