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A bill to require adequate information regarding the tax treatment of payments under settlement agreements entered into by Federal agencies, and for other purposes.

USA115th CongressS-1145| Senate 
| Updated: 5/17/2017
Elizabeth Warren

Elizabeth Warren

Democratic Senator

Massachusetts

Cosponsors (1)
James Lankford (Republican)

Homeland Security and Governmental Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Truth in Settlements Act of 2017 This bill sets forth new requirements for the public disclosure of any covered settlement agreement entered into by a federal executive agency. The bill defines "covered settlement agreement" as a settlement agreement (including a consent decree) that: (1) is entered into by an executive agency, (2) relates to an alleged violation of federal civil or criminal law, and (3) requires the payment of at least $1 million by one or more non-federal persons (entities not within the federal government). Each executive agency must make publicly available on the agency website a list of each covered settlement agreement entered into by the agency, which shall include: (1) the names of the parties to the settlement agreement and the date of such agreement; (2) a description of the claims that were settled under the agreement; (3) the amount each party to the agreement is obligated to pay under the terms of the agreement and the total amounts required to be paid; and (4) for each settling party, the amount the settling party is obligated to pay that has been expressly specified as a civil penalty or fine and as not deductible for tax purposes. The bill requires: (1) such information to remain publicly available for not less than 5 years, beginning on the date of the agreement; and (2) a copy of a covered settlement agreement to remain publicly available for a period of not less than 1 year, beginning on the date of the agreement, or for at least 5 years for an agreement under which a non-federal person is required to pay not less than $50 million. The bill limits the disclosure of provisions of a covered settlement agreement that are subject to a confidentiality agreement. The issuer of securities subject to reporting requirements under the Securities Exchange Act of 1934 must describe in required reports any claim of a tax deduction relating to a payment under a covered settlement agreement.
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Timeline
May 17, 2017
Introduced in Senate
May 17, 2017
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
May 25, 2017

Latest Companion Bill Action

HR 115-2675
Introduced in House
  • May 17, 2017
    Introduced in Senate


  • May 17, 2017
    Read twice and referred to the Committee on Homeland Security and Governmental Affairs.


  • May 25, 2017

    Latest Companion Bill Action

    HR 115-2675
    Introduced in House

Government Operations and Politics

Related Bills

  • HR 115-2675: To require adequate information regarding the tax treatment of payments under settlement agreements entered into by Federal agencies, and for other purposes.
Administrative law and regulatory proceduresCivil actions and liabilityCongressional oversightGovernment information and archivesIncome tax deductionsLegal fees and court costsSecurities

A bill to require adequate information regarding the tax treatment of payments under settlement agreements entered into by Federal agencies, and for other purposes.

USA115th CongressS-1145| Senate 
| Updated: 5/17/2017
Truth in Settlements Act of 2017 This bill sets forth new requirements for the public disclosure of any covered settlement agreement entered into by a federal executive agency. The bill defines "covered settlement agreement" as a settlement agreement (including a consent decree) that: (1) is entered into by an executive agency, (2) relates to an alleged violation of federal civil or criminal law, and (3) requires the payment of at least $1 million by one or more non-federal persons (entities not within the federal government). Each executive agency must make publicly available on the agency website a list of each covered settlement agreement entered into by the agency, which shall include: (1) the names of the parties to the settlement agreement and the date of such agreement; (2) a description of the claims that were settled under the agreement; (3) the amount each party to the agreement is obligated to pay under the terms of the agreement and the total amounts required to be paid; and (4) for each settling party, the amount the settling party is obligated to pay that has been expressly specified as a civil penalty or fine and as not deductible for tax purposes. The bill requires: (1) such information to remain publicly available for not less than 5 years, beginning on the date of the agreement; and (2) a copy of a covered settlement agreement to remain publicly available for a period of not less than 1 year, beginning on the date of the agreement, or for at least 5 years for an agreement under which a non-federal person is required to pay not less than $50 million. The bill limits the disclosure of provisions of a covered settlement agreement that are subject to a confidentiality agreement. The issuer of securities subject to reporting requirements under the Securities Exchange Act of 1934 must describe in required reports any claim of a tax deduction relating to a payment under a covered settlement agreement.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
May 17, 2017
Introduced in Senate
May 17, 2017
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
May 25, 2017

Latest Companion Bill Action

HR 115-2675
Introduced in House
  • May 17, 2017
    Introduced in Senate


  • May 17, 2017
    Read twice and referred to the Committee on Homeland Security and Governmental Affairs.


  • May 25, 2017

    Latest Companion Bill Action

    HR 115-2675
    Introduced in House
Elizabeth Warren

Elizabeth Warren

Democratic Senator

Massachusetts

Cosponsors (1)
James Lankford (Republican)

Homeland Security and Governmental Affairs Committee

Government Operations and Politics

Related Bills

  • HR 115-2675: To require adequate information regarding the tax treatment of payments under settlement agreements entered into by Federal agencies, and for other purposes.
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Administrative law and regulatory proceduresCivil actions and liabilityCongressional oversightGovernment information and archivesIncome tax deductionsLegal fees and court costsSecurities