H.R.1389 - Fraudulent Tax Relief Act of 2009

To amend the Internal Revenue Code of 1986 to allow a refundable credit for taxes paid on earnings reinvested and lost in a fraudulent investment scheme. view all titles (2)

All Bill Titles

  • Short: Fraudulent Tax Relief Act of 2009 as introduced.
  • Official: To amend the Internal Revenue Code of 1986 to allow a refundable credit for taxes paid on earnings reinvested and lost in a fraudulent investment scheme. as introduced.

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Introduced
 
House
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Senate
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President
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03/09/09
 
 
 
 
 
 
 

Official Summary

Fraudulent Tax Relief Act of 2009 - Amends the Internal Revenue Code to allow a refundable tax credit for taxes paid on earnings: (1) from an investment which the taxpayer did not know, and reasonably should not have known, was fraudulent; (2) which were reinvested in such investment; and (

Official Summary

Fraudulent Tax Relief Act of 2009 - Amends the Internal Revenue Code to allow a refundable tax credit for taxes paid on earnings:
(1) from an investment which the taxpayer did not know, and reasonably should not have known, was fraudulent;
(2) which were reinvested in such investment; and
(3) which remained so reinvested until the fraud was discovered. Makes such tax credit applicable to frauds discovered during 2008.

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