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S. 4318

No Tax Write-offs for Corporate Wrongdoers Act

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.

Read twice and referred to the Committee on Finance.

Sen. Leahy, Patrick J. [D-VT](D-VT)Sponsor
1 cosponsor1 D
1cosponsors1committees2actions6subjects
  1. IntroReferral

    Read twice and referred to the Committee on Finance.

    Finance Committee
  2. IntroReferral10000

    Introduced in Senate

No Tax Write-offs for Corporate Wrongdoers Act — Informed