[Congressional Record Volume 161, Number 49 (Tuesday, March 24, 2015)]
[Senate]
[Page S1827]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 587. Mr. LEAHY submitted an amendment intended to be proposed by 
him to the concurrent resolution S. Con. Res. 11, setting forth the 
congressional budget for the United States Government for fiscal year 
2016 and setting forth the appropriate budgetary levels for fiscal 
years 2017 through 2025; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. ___. DEFICIT-NEUTRAL RESERVE FUND TO DISALLOW ANY 
                   FEDERAL TAX DEDUCTION FOR THE COST OF COURT-
                   ORDERED PUNITIVE DAMAGES AS AN ORDINARY 
                   BUSINESS EXPENSE.

       The Chairman of the Committee on the Budget of the Senate 
     may revise the allocations of a committee or committees, 
     aggregates, and other appropriate levels in this resolution 
     for one or more bills, joint resolutions, amendments, 
     amendments between the Houses, motions, or conference reports 
     relating to individual and corporate deductions allowable 
     under the Internal Revenue Code of 1986, which may include 
     provisions to disallow any Federal tax deduction for the cost 
     of court-ordered punitive damages or similar costs if covered 
     by taxpayer insurance, by the amounts provided in such 
     legislation for those purposes, provided that such 
     legislation would not increase the deficit over either the 
     period of the total of fiscal years 2016 through 2020 or the 
     period of the total of fiscal years 2016 through 2025.
                                 ______