A bill to amend the Internal Revenue Code of 1986 to disallow any deduction for punitive damages, and for other purposes.

2017-11-09

Introduced in Senate

This bill amends the Internal Revenue Code to: (1) deny a tax deduction for any amount paid or incurred for punitive damages in connection with any judgment in, or settlement of, any legal action between private parties; and (2) include any amount paid as punitive damages in gross income for income tax purposes.

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