3.0.0 4318 2022-12-29T16:48:33Z 2022-12-29T16:48:33Z Senate S 2022-05-26 117 ssfi00 Finance Committee Senate Standing Referred to 2022-05-26T15:33:02Z 2022-05-26 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2022-05-26 Introduced in Senate IntroReferral 10000 9 Library of Congress L000174 Sen. Leahy, Patrick J. [D-VT] Patrick Leahy D VT N G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2022-06-23 False Taxation Civil actions and liability Competition and antitrust Finance and Financial Sector Income tax deductions Income tax exclusion Life, casualty, property insurance Taxation 00 2022-05-26 Introduced in Senate 2022-06-07T13:14:27Z 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.

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No Tax Write-offs for Corporate Wrongdoers Act Display Title No Tax Write-offs for Corporate Wrongdoers Act Short Title(s) as Introduced No Tax Write-offs for Corporate Wrongdoers Act Introduced in Senate IS Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to disallow any deduction for punitive damages, and for other purposes. Introduced in Senate IS Introduced in Senate 2022-05-26T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s4318is/xml/BILLS-117s4318is.xml 2022-05-26 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.