H.R.6700 - Stop Deducting Damages Act of 2012

To amend the Internal Revenue Code of 1986 to disallow deductions for the payment of punitive damages, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to disallow deductions for the payment of punitive damages, and for other purposes. as introduced.
  • Short: Stop Deducting Damages Act of 2012 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
12/20/12
 
 
 
 
 
 
 

Official Summary

Stop Deducting Damages Act of 2012 - 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

Official Summary

Stop Deducting Damages Act of 2012 - 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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