3.0.0 1890 2023-01-13T04:49:47Z 2023-01-13T04:49:47Z Senate S S 2005-10-19 109 ssfi00 Finance Committee Senate Standing Referred to 2005-10-19T18:51:02Z 2005-10-19 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S11566-11567) IntroReferral 2005-10-19 Sponsor introductory remarks on measure. (CR S11565-11566) IntroReferral B00100 9 Library of Congress 2005-10-19 Introduced in Senate IntroReferral 10000 9 Library of Congress B000243 Sen. Baucus, Max [D-MT] MAX BAUCUS D MT SIEBEN N G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. 2005-10-19 True M000303 Sen. McCain, John [R-AZ] JOHN MCCAIN R AZ SIDNEY 2005-10-19 True F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA 2005-10-28 False Taxation Compensation for victims of crime Crime and Law Enforcement Finance and Financial Sector Fines (Penalties) Government Operations and Politics Government paperwork Governmental investigations Income tax Law Securities regulation Stock exchanges Tax deductions Tax returns Taxation 00 2005-10-19 Introduced in Senate 2005-11-22T21:16:15Z Government Settlement Transparency Act of 2005 - Amends the Internal Revenue Code to revise the rule denying a tax deduction for fines and penalties paid to a government for the violation of any law to provide that no deduction shall be allowed for any fine or penalty paid (whether by suit, agreement, or otherwise) to, or at the direction of, a government or nongovernmental regulatory entity for a violation of law or for the investigation or inquiry by such government or entity into a potential violation of any law.

Allows exceptions to the general rule of nondeductibility for: (1) certain restitution payments or payments required to come into compliance with law; (2) court-ordered payments not involving a government or nongovernmental regulatory entity; and (3) amounts paid or incurred as taxes due.

Requires governmental agencies involved in a settlement with a taxpayer to report to the Secretary of the Treasury and the taxpayer information about such settlement, including the amount of the settlement, the amount paid as restitution or remediation of property, and the amount paid to come into compliance with law.

]]> Government Settlement Transparency Act of 2005 Display Title Government Settlement Transparency Act of 2005 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to deny a deduction for certain fines, penalties, and other amounts. Introduced in Senate IS Short Titles as Introduced Government Settlement Transparency Act of 2005 Introduced in Senate 2005-10-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s1890is/xml/BILLS-109s1890is.xml 2005-10-19 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S11566-11567) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.