To amend the Internal Revenue Code of 1986 to disallow deductions for the payment of punitive damages, and for other purposes.
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.
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2395)
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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