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No Tax Write-offs for Corporate Wrongdoers Act

USA116th CongressS-1185| Senate 
| Updated: 4/11/2019
Patrick J. Leahy

Patrick J. Leahy

Democratic Senator

Vermont

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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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Timeline
Apr 11, 2019
Introduced in Senate
Apr 11, 2019
Read twice and referred to the Committee on Finance.
  • April 11, 2019
    Introduced in Senate


  • April 11, 2019
    Read twice and referred to the Committee on Finance.

Taxation

Civil actions and liabilityCompetition and antitrustIncome tax deductionsIncome tax exclusionLife, casualty, property insurance

No Tax Write-offs for Corporate Wrongdoers Act

USA116th CongressS-1185| Senate 
| Updated: 4/11/2019
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.
View Full Text

Suggested Questions

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

Timeline
Apr 11, 2019
Introduced in Senate
Apr 11, 2019
Read twice and referred to the Committee on Finance.
  • April 11, 2019
    Introduced in Senate


  • April 11, 2019
    Read twice and referred to the Committee on Finance.
Patrick J. Leahy

Patrick J. Leahy

Democratic Senator

Vermont

Finance Committee

Taxation

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Civil actions and liabilityCompetition and antitrustIncome tax deductionsIncome tax exclusionLife, casualty, property insurance