S. 4318 · 117th 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 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
LeahySponsor1 cosponsor · 1 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill denies a tax deduction for any amount paid or incurred for punitive damages in connection with any judgment in, or settlement of, any legal action.
What it does: CRS summary · Introduced in Senate · May 26, 2022
No Tax Write-offs for Corporate Wrongdoers Act
This bill denies a tax deduction for any amount paid or incurred for punitive damages in connection with any judgment in, or settlement of, any legal action. The bill also requires the gross income of a taxpayer to include any amount paid to or on behalf of the taxpayer as insurance or otherwise by reason of the taxpayer's liability (or agreement) to pay punitive damages.
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 (May 26, 2022): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: May 26, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.