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- S.1185
S.1185: No Tax Write-offs for Corporate Wrongdoers Act
About This Bill
- Introduced April 11, 2019
- Latest Major Action April 11, 2019
- See the four similar bills introduced in other congresses.
Bill Sponsor
Bill Version
- Introduced in Senate - April 11, 2019
Bill Summary
No Tax Write-offs for Corporate Wrongdoers Act This bill 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.
(Source: Library of Congress)
Bill Actions
Date | Description |
---|---|
April 11, 2019 |
Read twice and referred to the Committee on Finance.
|
April 11, 2019 |
Introduced in the Senate by Patrick J. Leahy (D-Vt.) |