Bill117th CongressFiled May 26, 2022Taxation
S. 4318
No Tax Write-offs for Corporate Wrongdoers Act
Bill journey · stage 2 of 5
Under committee review
FiledFiled
CommitteeComm.
PassedFloor
Both ChambersBoth
Became LawLaw
What it doesSummary introduced in senate (May 26, 2022)
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 happenedMay 26, 2022
Read twice and referred to the Committee on Finance.
Who’s behind it
Sen. Leahy, Patrick J. [D-VT](D-VT)Sponsor
1 cosponsor1 D
1cosponsors1committees2actions6subjects
- Introduced in SenateMay 26, 2022
- May 26, 2022IntroReferral
Read twice and referred to the Committee on Finance.
Finance Committee - May 26, 2022IntroReferral10000
Introduced in Senate