S. 2550 · 118th Congress
Denying Expenditures for False Accusations with Malicious Effect (DEFAME) Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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Denying Expenditures for False Accusations with Malicious Effect (DEFAME) Act
What it does: CRS summary · Introduced in Senate · Jul 26, 2023
Denying Expenditures for False Accusations with Malicious Effect (DEFAME) Act
This bill denies certain large corporations (i.e., corporations with gross income exceeding $10 billion in the preceding taxable year) a tax deduction for certain payments relating to defamation law suits, including the applicable defamation suit payment, attorneys' fees, and insurance premiums. The bill defines applicable defamation suit payment as any payment that (1) is made in connection with a defamation suit for which proof of actual malice is required to succeed on the merits, (2) is paid pursuant to a settlement or court order, and (3) exceeds $500 million in the aggregate.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Denying Expenditures for False Accusations with Malicious Effect (DEFAME) Act
Latest action (Jul 26, 2023): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jul 26, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.