HR 1860 IHCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to provide a 100 percent deduction for expenses related to identity theft.CommentsClose CommentsPermalink

April 16, 2007

Mrs. MCCARTHY of New York introduced the following bill; which was referred to the Committee on Ways and MeansCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to provide a 100 percent deduction for expenses related to identity theft.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the `Identity Theft Relief Act of 2007'.CommentsClose CommentsPermalink

SEC. 2. DEDUCTION FOR EXPENSES RELATED TO IDENTITY THEFT.

(a) In General- Part VII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 (relating to additional itemized deductions) is amended by redesignating section 224 as section 225 and by inserting after section 223 the following new section:CommentsClose CommentsPermalink

`SEC. 224. EXPENSES RELATED TO IDENTITY THEFT.

`(a) In General- In the case of an individual, there shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year, not compensated for by insurance or otherwise, in connection with a qualified identity theft.CommentsClose CommentsPermalink





`(b) Qualified Identity Theft- For purposes of this section--CommentsClose CommentsPermalink





`(1) QUALIFIED IDENTITY THEFT- In the case of an individual, the term `qualified identity theft' means a fraud committed or attempted using the identifying information of such individual without authority.CommentsClose CommentsPermalink





`(2) IDENTIFYING INFORMATION- The term `identifying information' means any name or number that may be used, alone or in conjunction with any other information, to identify such individual, including--CommentsClose CommentsPermalink





`(A) a name, social security number, date of birth, official State or government issued driver's license or identification number, alien registration number, government passport number, or employer or taxpayer identification number,CommentsClose CommentsPermalink





`(B) unique biometric data, such as fingerprint, voice print, retina or iris image, or other unique physical representation,CommentsClose CommentsPermalink





`(C) unique electronic identification number, address, or routing code,CommentsClose CommentsPermalink





`(D) telecommunication identifying information or access device (as defined in section 1029(e) of title 18, United States Code),CommentsClose CommentsPermalink





`(E) a bank, savings association, credit union, or investment account number,CommentsClose CommentsPermalink





`(F) a credit card or debit card account number,CommentsClose CommentsPermalink





`(G) a password, access code, or security code relating to--CommentsClose CommentsPermalink





`(i) a bank, savings association, credit union, or investment account number, orCommentsClose CommentsPermalink





`(ii) a credit card or debit card account number, orCommentsClose CommentsPermalink





`(H) any other unique identifying information.'.CommentsClose CommentsPermalink





(b) Deduction Allowed in Computing Adjusted Gross Income- Subsection (a) of section 62 of such Code is amended by inserting before the last sentence the following new paragraph:CommentsClose CommentsPermalink





`(22) EXPENSES RELATED TO IDENTITY THEFT- The deduction allowed by section 224.'.CommentsClose CommentsPermalink





(c) Clerical Amendment- The table of sections for part VII of subchapter B of chapter 1 of such Code is amended by redesignating the item relating to section 224 as an item relating to section 225 and inserting before such item the following new item:CommentsClose CommentsPermalink





`Sec. 224. Expenses related to identity theft.'.CommentsClose CommentsPermalink





(d) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2006.CommentsClose CommentsPermalink