US Congress House Bill 5058 (Prior Session Legislation)

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April 15 2010 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Ponzi Scheme Victims' Tax Relief Act of 2010 - Amends the Internal Revenue Code to allow: (1) a special theft loss tax deduction for qualified fraudulent investment losses and for such losses in connection with assets held in an individual retirement account (IRA); (2) a carryback of net operating losses which are qualified fraudulent investment losses for up to 10 years; (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.

Ponzi Scheme Victims' Tax Relief Act of 2010

Rep McMahon, Michael E.	Rep Sessions, Pete	Rep Smith, Lamar	Rep Boozman, John
Rep Klein, Ron	Rep Bonner, Jo	Rep Boustany, Charles W., Jr.	Rep Cassidy, Bill
Rep Coble, Howard	Rep Crowley, Joseph	Rep Garrett, Scott	Rep King, Peter T.
Rep Luetkemeyer, Blaine	Rep Melancon, Charlie	Rep Myrick, Sue Wilkins	Rep Rooney, Thomas J.
Rep Harper, Gregg	Rep Olson, Pete	Rep McCaul, Michael T.	Rep Marchant, Kenny
Rep Pascrell, Bill, Jr.	Rep Stark, Fortney Pete	Rep Weiner, Anthony D.	Rep Welch, Peter
Rep Berkley, Shelley	Rep Cohen, Steve	Rep Maloney, Carolyn B.	Rep Miller, Brad
Rep Rodriguez, Ciro D.	Rep Rothman, Steven R.	Rep Schwartz, Allyson Y.	Rep Thompson, Bennie G.
Rep Ros-Lehtinen, Ileana	Rep Tonko, Paul D.	Rep Buchanan, Vern	Rep Culberson, John Abney
Rep Granger, Kay	Rep Scalise, Steve

Date	Chamber	Action
2010-04-15		Referred to the House Committee on Ways and Means.

SB3166 (Related) 2010-03-25 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	http://thomas.loc.gov/cgi-bin/bdquery/z?d111:HN05058:@@@L&summ2=m&
Text	http://gpo.gov/fdsys/pkg/BILLS-111hr5058ih/pdf/BILLS-111hr5058ih.pdf