US SB794 | 2011-2012 | 112th Congress
Status
Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on April 12 2011 - 25% progression, died in committee
Action: 2011-04-12 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2395)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on April 12 2011 - 25% progression, died in committee
Action: 2011-04-12 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2395)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Protecting American Taxpayers from Misconduct Act - Amends the Internal Revenue Code to: (1) deny a tax deduction for any amount paid or incurred for punitive damages in connection with any judgment in, or settlement of, any legal action; and (2) include any amount paid as punitive damages in gross income for income tax purposes.
Title
Protecting American Taxpayers from Misconduct Act
Sponsors
| Sen. Patrick Leahy [D-VT] | Sen. Sheldon Whitehouse [D-RI] |
History
| Date | Chamber | Action |
|---|---|---|
| 2011-04-12 | Senate | Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2395) |
| 2011-04-12 | Senate | Sponsor introductory remarks on measure. (CR S2395) |
Same As/Similar To
HB6700 (Related) 2012-12-20 - Referred to the House Committee on Ways and Means.
Subjects
Civil actions and liability
Competition and antitrust
Income tax deductions
Income tax exclusion
Life, casualty, property insurance
Taxation
Competition and antitrust
Income tax deductions
Income tax exclusion
Life, casualty, property insurance
Taxation
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/112th-congress/senate-bill/794/all-info |
| Text | https://www.congress.gov/112/bills/s794/BILLS-112s794is.pdf |
