US HB2486 | 2015-2016 | 114th Congress
Status
Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on May 20 2015 - 25% progression, died in committee
Action: 2015-05-20 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 20 2015 - 25% progression, died in committee
Action: 2015-05-20 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Stop Deducting Damages Act of 2015 Amends the Internal Revenue Code to: (1) deny a tax deduction for any amount paid or incurred for compensatory or punitive damages in connection with any judgment in, or settlement of, any action against a government; and (2) include in gross income any amount paid as insurance or otherwise due to liability for punitive damages.
Title
Stop Deducting Damages Act of 2015
Sponsors
| Sen. Peter Welch [D-VT] | Rep. Luis Gutierrez [D-IL] |
History
| Date | Chamber | Action |
|---|---|---|
| 2015-05-20 | House | Referred to the House Committee on Ways and Means. |
| 2015-05-20 | House | Introduced in House |
Subjects
Civil actions and liability
Income tax deductions
Income tax exclusion
Life, casualty, property insurance
Taxation
Income tax deductions
Income tax exclusion
Life, casualty, property insurance
Taxation
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/114th-congress/house-bill/2486/all-info |
| Text | https://www.congress.gov/114/bills/hr2486/BILLS-114hr2486ih.pdf |
