US SB1185 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on April 11 2019 - 25% progression, died in committee
Action: 2019-04-11 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on April 11 2019 - 25% progression, died in committee
Action: 2019-04-11 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
No Tax Write-offs for Corporate Wrongdoers Act
Sponsors
| Sen. Patrick Leahy [D-VT] |
History
| Date | Chamber | Action |
|---|---|---|
| 2019-04-11 | Senate | Read twice and referred to the Committee on Finance. |
Subjects
Civil actions and liability
Competition and antitrust
Income tax deductions
Income tax exclusion
Life, casualty, property insurance
Taxation
Competition and antitrust
Income tax deductions
Income tax exclusion
Life, casualty, property insurance
Taxation
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/116th-congress/senate-bill/1185/all-info |
| Text | https://www.congress.gov/116/bills/s1185/BILLS-116s1185is.pdf |
