US Congress House Bill 1159 (Prior Session Legislation)

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Spectrum: Strong Partisan Bill (Democrat 11-1)
Status: Introduced on February 24 2009 - 25% progression, died in committee
Action: 2009-02-24 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Amends the Internal Revenue Code to: (1) allow an enhanced tax deduction for losses sustained from a fraudulent Ponzi-type scheme; (2) extend the carryback period for net operating losses attributable to such schemes; (3) waive certain limitations on the charitable tax deduction for contributions to charities with losses from fraudulent Ponzi-type schemes; and (4) restore the gift tax unified credit for gifts of an interest in a fraudulent Ponzi-type scheme. Defines "fraudulent Ponzi-type scheme" as any fraudulent investment operation that provides investors with returns that are derived substantially from investments made by other investors rather than from profits.

To amend the Internal Revenue Code of 1986 to provide special rules for investments lost in a fraudulent Ponzi-type scheme.

Rep. Robert Andrews [D-NJ]	Rep. Shelley Berkley [D-NV]	Rep. Joseph Crowley [D-NY]	Rep. Peter King [R-NY]
Rep. Ron Klein [D-FL]	Rep. John Larson [D-CT]	Rep. James McGovern [D-MA]	Rep. Kendrick Meek [D-FL]
Rep. Richard Neal [D-MA]	Rep. Steven Rothman [D-NJ]	Rep. Robert Wexler [D-FL]	Rep. Lynn Woolsey [D-CA]

Date	Chamber	Action
2009-02-24		Referred to the House Committee on Ways and Means.

HB1389 (Related) 2009-03-09 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/house-bill/1159/all-info
Text	https://www.congress.gov/111/bills/hr1159/BILLS-111hr1159ih.pdf