Bill Sponsor
Senate Bill 1185
116th Congress(2019-2020)
No Tax Write-offs for Corporate Wrongdoers Act
Introduced
Introduced
Introduced in Senate on Apr 11, 2019
Overview
Text
Introduced
Apr 11, 2019
Latest Action
Apr 11, 2019
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1185
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
Democrat
Vermont
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

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.

Text (1)
April 11, 2019
Actions (2)
04/11/2019
Read twice and referred to the Committee on Finance.
04/11/2019
Introduced in Senate
Public Record
Record Updated
Nov 1, 2022 7:47:18 PM