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- S.4318
S.4318: No Tax Write-offs for Corporate Wrongdoers Act
About This Bill
- This bill was introduced in the 117th Congress
- This bill is primarily about finance and financial sector
- Introduced May 26, 2022
- Latest Major Action May 26, 2022
- See the four similar bills introduced in other congresses.
Bill Sponsor
Bill Cosponsor
Bill Version
- Introduced in Senate - May 26, 2022
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 |
|---|---|
| May 26, 2022 |
Read twice and referred to the Committee on Finance.
|
| May 26, 2022 |
Introduced in the Senate by Patrick J. Leahy (D-Vt.) |