3.0.0 803 2023-01-11T13:37:00Z 2023-01-11T13:37:00Z Senate S 2017-04-03 115 ssfi00 Finance Committee Senate Standing Referred to 2017-04-03T20:00:26Z An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018. 115 1 S 2017-11-28 Placed on Senate Legislative Calendar under General Orders. Calendar No. 269. Related bill CRS 2017-04-03 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2176-2177) IntroReferral 2017-04-03 Introduced in Senate IntroReferral 10000 9 Library of Congress R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. N G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. 2017-04-03 True L000174 Sen. Leahy, Patrick J. [D-VT] Patrick Leahy D VT 2017-11-08 False Taxation Business expenses Civil actions and liability Commodities markets Criminal investigation, prosecution, interrogation Income tax deductions Securities Tax administration and collection, taxpayers Taxation 00 2017-04-03 Introduced in Senate 2017-06-08T12:46:38Z Government Settlement Transparency and Reform Act

This bill amends the Internal Revenue Code to expand provisions relating to the nondeductibility of fines and penalties to prohibit a tax deduction for any amount paid or incurred to, or at the direction of, any governmental entity relating to the violation of any law or the investigation or inquiry into a potential violation of law.

The bill exempts from such prohibition: (1) restitution or amounts paid to come into compliance with any law that was violated or otherwise involved in the investigation or inquiry, (2) amounts paid pursuant to a court order in a suit in which the governmental entity was not a party, and (3) amounts paid or incurred as taxes due.

The bill also imposes new reporting requirements on governmental entities relating to amounts paid as fines or for restitution.

]]> Government Settlement Transparency and Reform Act Display Title Government Settlement Transparency and Reform Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to deny tax deductions for corporate regulatory violations. Introduced in Senate IS Short Titles as Introduced Government Settlement Transparency and Reform Act Introduced in Senate 2017-04-03T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s803is/xml/BILLS-115s803is.xml 2017-04-03 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2176-2177) 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.