US SB2115 | 2017-2018 | 115th Congress
Status
Spectrum: Partisan Bill (Democrat 5-0)
Status: Introduced on November 9 2017 - 25% progression, died in committee
Action: 2017-11-09 - Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7158)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on November 9 2017 - 25% progression, died in committee
Action: 2017-11-09 - Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7158)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
A bill to amend the Internal Revenue Code of 1986 to disallow any deduction for punitive damages, and for other purposes. This bill amends the Internal Revenue Code to: (1) deny a tax deduction for any amount paid or incurred for punitive damages in connection with any judgment in, or settlement of, any legal action between private parties; and (2) include any amount paid as punitive damages in gross income for income tax purposes.
Title
A bill to amend the Internal Revenue Code of 1986 to disallow any deduction for punitive damages, and for other purposes.
Sponsors
| Sen. Patrick Leahy [D-VT] | Sen. Richard Blumenthal [D-CT] | Sen. Jack Reed [D-RI] | Sen. Kirsten Gillibrand [D-NY] |
| Sen. Margaret Hassan [D-NH] |
History
| Date | Chamber | Action |
|---|---|---|
| 2017-11-09 | Senate | Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7158) |
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/115th-congress/senate-bill/2115/all-info |
| Text | https://www.congress.gov/115/bills/s2115/BILLS-115s2115is.pdf |
