3.0.0 3166 2023-01-11T13:16:12Z 2023-01-11T13:16:12Z Senate S S 2010-03-25 111 ssfi00 Finance Committee Senate Standing Referred to 2010-03-25T16:08:17Z Ponzi Scheme Victims' Tax Relief Act of 2010 111 5058 HR 2010-04-15 Referred to the House Committee on Ways and Means. Related bill CRS 2010-03-25 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2010-03-25 Introduced in Senate IntroReferral 10000 9 Library of Congress S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. N K000352 Sen. Kyl, Jon [R-AZ] Jon Kyl R AZ Llewellyn 2010-03-25 True M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ 2010-03-25 True W000437 Sen. Wicker, Roger F. [R-MS] Roger Wicker R MS F. 2010-03-25 True K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES 2010-03-25 True C000567 Sen. Cochran, Thad [R-MS] Thad Cochran R MS 2010-03-25 True L000550 Sen. Landrieu, Mary L. [D-LA] MARY LANDRIEU D LA 2010-03-25 True B001135 Sen. Burr, Richard [R-NC] Richard Burr R NC Mauze 2010-03-25 True G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2010-03-25 True B000611 Sen. Bond, Christopher S. [R-MO] CHRISTOPHER BOND R MO S. 2010-03-25 True N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM 2010-03-25 True L000572 Sen. LeMieux, George S. [R-FL] George LeMieux R FL S. 2010-03-25 True L000035 Sen. Lincoln, Blanche L. [D-AR] BLANCHE LINCOLN D AR LAMBERT 2010-03-25 True S000709 Sen. Specter, Arlen [D-PA] ARLEN SPECTER D PA 2010-03-25 True L000304 Sen. Lieberman, Joseph I. [ID-CT] JOSEPH LIEBERMAN ID CT I. 2010-03-25 True D000388 Sen. Dodd, Christopher J. [D-CT] CHRISTOPHER DODD D CT JOHN 2010-03-25 True C000127 Sen. Cantwell, Maria [D-WA] Maria Cantwell D WA 2010-03-25 True V000127 Sen. Vitter, David [R-LA] David Vitter R LA 2010-03-25 True M001170 Sen. McCaskill, Claire [D-MO] Claire McCaskill D MO 2010-03-26 False Taxation Crime victims Employee benefits and pensions Financial services and investments Fraud offenses and financial crimes Income tax deductions Tax administration and collection, taxpayers Transfer and inheritance taxes Taxation 00 2010-03-25 Introduced in Senate 2010-04-29T18:33:19Z Ponzi Scheme Victim's Bill of Rights Act of 2010 - Amends the Internal Revenue Code to allow: (1) a special tax deduction for qualified fraudulent investment losses held in an individual retirement account (IRA); (2) a six-year carryback of net operating losses which are qualified fraudulent investment losses; (3) withdrawals from tax-exempt retirement plans for a 10-year period without penalty to replace qualified fraudulent investment losses; (4) catch-up contributions to retirement plans to compensate for fraudulent investment losses; and (5) an extension of the limitation period for filing refund claims for overpayments of tax in connection with gifts and bequests of an interest in an investment for which there is a qualified fraudulent investment loss.

Defines "qualified fraudulent investment loss" as a loss discovered in 2008 or 2009 resulting from a fraudulent arrangement in which a person receives cash or property from investors, purports to earn income for investors, reports partially or wholly fictitious income to such investors, makes payments to some investors from payments made by other investors, and appropriates some or all of the investors' cash or property.

]]> Ponzi Scheme Victim's Bill of Rights Act of 2010 Display Title Ponzi Scheme Victim's Bill of Rights Act of 2010 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide tax relief for persons with investment losses due to fraud or embezzlement. Introduced in Senate IS Short Titles as Introduced Ponzi Scheme Victim's Bill of Rights Act of 2010 Introduced in Senate 2010-03-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s3166is/xml/BILLS-111s3166is.xml 2010-03-25 Read twice and referred to the Committee on Finance. 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.