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No Tax Write-offs for Corporate Wrongdoers Act

USA117th CongressS-4318| Senate 
| Updated: 5/26/2022
Patrick J. Leahy

Patrick J. Leahy

Democratic Senator

Vermont

Cosponsors (1)
Kirsten E. Gillibrand (Democratic)

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

Bill from Previous Congress

S 116-1185
No Tax Write-offs for Corporate Wrongdoers Act
May 26, 2022
Introduced in Senate
May 26, 2022
Read twice and referred to the Committee on Finance.
  • Bill from Previous Congress

    S 116-1185
    No Tax Write-offs for Corporate Wrongdoers Act


  • May 26, 2022
    Introduced in Senate


  • May 26, 2022
    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

USA117th CongressS-4318| Senate 
| Updated: 5/26/2022
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

Bill from Previous Congress

S 116-1185
No Tax Write-offs for Corporate Wrongdoers Act
May 26, 2022
Introduced in Senate
May 26, 2022
Read twice and referred to the Committee on Finance.
  • Bill from Previous Congress

    S 116-1185
    No Tax Write-offs for Corporate Wrongdoers Act


  • May 26, 2022
    Introduced in Senate


  • May 26, 2022
    Read twice and referred to the Committee on Finance.
Patrick J. Leahy

Patrick J. Leahy

Democratic Senator

Vermont

Cosponsors (1)
Kirsten E. Gillibrand (Democratic)

Finance Committee

Taxation

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