US Congress Senate Bill 413 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on February 9 2015 - 25% progression, died in committee
Action: 2015-02-09 - Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S860)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Government Settlement Transparency and Reform Act Amends the Internal Revenue Code to expand provisions relating to the nondeductibility of fines and penalties to prohibit a tax deduction for any amount paid or incurred to any governmental entity relating to the violation of any law or the investigation or inquiry into a potential violation of law. Exempts from such prohibition: (1) restitution or amounts paid to come into compliance with any law that was violated or otherwise involved in the investigation or inquiry, (2) amounts paid pursuant to a court order in a suit in which the governmental entity was not a party, and (3) amounts paid or incurred as taxes due. Imposes new reporting requirements on governmental entities relating to amounts paid as fines or for restitution.

Government Settlement Transparency and Reform Act

Sen. Jack Reed [D-RI]

Sen. Chuck Grassley [R-IA]

Date	Chamber	Action
2015-02-09	Senate	Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S860)

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/413/all-info
Text	https://www.congress.gov/114/bills/s413/BILLS-114s413is.pdf