Bill116th CongressFiled Apr 11, 2019Taxation
S. 1185
No Tax Write-offs for Corporate Wrongdoers Act
Bill journey · stage 2 of 5
Under committee review
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What it doesSummary introduced in senate (Apr 11, 2019)
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.
What just happenedApr 11, 2019
Read twice and referred to the Committee on Finance.
Who’s behind it
Sen. Leahy, Patrick J. [D-VT](D-VT)Sponsor
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- Introduced in SenateApr 11, 2019
- Apr 11, 2019IntroReferral
Read twice and referred to the Committee on Finance.
Finance Committee - Apr 11, 2019IntroReferral10000
Introduced in Senate