Bill115th CongressFiled Nov 9, 2017Taxation
S. 2115
A bill to amend the Internal Revenue Code of 1986 to disallow any deduction for punitive damages, and for other purposes.
Bill journey · stage 2 of 5
Under committee review
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CommitteeComm.
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Both ChambersBoth
Became LawLaw
What it doesSummary introduced in senate (Nov 9, 2017)
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.
What just happenedNov 9, 2017
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7158)
Who’s behind it
Sen. Leahy, Patrick J. [D-VT](D-VT)Sponsor
4 cosponsors4 D
4cosponsors1committees2actions5subjects
- Introduced in SenateNov 9, 2017
- Nov 9, 2017IntroReferral
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7158)
Finance Committee - Nov 9, 2017IntroReferral10000
Introduced in Senate