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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04/12/11
 
 
 
 
 
 
 

Official Summary

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

Official Summary

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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