110 HR 4303 IH: To amend the Internal Revenue Code of 1986 to exclude U.S. House of Representatives 2007-12-06 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.

I 110th CONGRESS 1st Session H. R. 4303 IN THE HOUSE OF REPRESENTATIVES December 6, 2007 Mr. Chabot introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to exclude from gross income rewards received for information provided with respect to violations of Federal criminal law.

1.

Exclusion from income for rewards for information with respect to violations of Federal criminal law

(a)

In general

Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 (relating to items specifically excluded from gross income) is amended by inserting after section 139A the following new section:

139B.

Rewards for information relating to violations of Federal criminal law

(a)

In general

In the case of an individual, gross income shall not include any qualified reward payment. (b)

Qualified reward payment

For purposes of this section, the term qualified reward payment means any payment received from a State or Federal law enforcement agency for the provision of information relating to the violation of a Federal criminal law.

. (b)

Clerical Amendment

The table of sections for part III of subchapter B of chapter 1 of such Code is amended by inserting after the item relating to section 139A the following new item: Sec. 139B. Rewards for information relating to violations of Federal criminal law. . (c)

Effective Date

The amendments made by this section shall apply to amounts received in taxable years beginning after December 31, 2007.