U.S. Congress - S.794 Protecting American Taxpayers from Misconduct Act
S.794 - Protecting American Taxpayers from Misconduct Act
A bill to amend the Internal Revenue Code of 1986 to disallow any deduction for punitive damages, and for other purposes. view all titles (2)
All Bill Titles
- Official: A bill to amend the Internal Revenue Code of 1986 to disallow any deduction for punitive damages, and for other purposes. as introduced.
- Short: Protecting American Taxpayers from Misconduct Act as introduced.
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Official Summary
4/12/2011--Introduced.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 paOfficial Summary
4/12/2011--Introduced.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.
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