US SB803 | 2017-2018 | 115th Congress
Status
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on April 3 2017 - 25% progression, died in committee
Action: 2017-04-03 - Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2176-2177)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on April 3 2017 - 25% progression, died in committee
Action: 2017-04-03 - Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2176-2177)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Government Settlement Transparency and Reform Act This bill 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, or at the direction of, any governmental entity relating to the violation of any law or the investigation or inquiry into a potential violation of law. The bill 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. The bill also imposes new reporting requirements on governmental entities relating to amounts paid as fines or for restitution.
Title
Government Settlement Transparency and Reform Act
Sponsors
Sen. Jack Reed [D-RI] | Sen. Chuck Grassley [R-IA] | Sen. Patrick Leahy [D-VT] |
History
Date | Chamber | Action |
---|---|---|
2017-04-03 | Senate | Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2176-2177) |
Same As/Similar To
SB1 (Related) 2017-11-28 - Placed on Senate Legislative Calendar under General Orders. Calendar No. 269.
Subjects
Business expenses
Civil actions and liability
Commodities markets
Criminal investigation, prosecution, interrogation
Income tax deductions
Securities
Tax administration and collection, taxpayers
Taxation
Civil actions and liability
Commodities markets
Criminal investigation, prosecution, interrogation
Income tax deductions
Securities
Tax administration and collection, taxpayers
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/115th-congress/senate-bill/803/all-info |
Text | https://www.congress.gov/115/bills/s803/BILLS-115s803is.pdf |