A bill to amend the Internal Revenue Code of 1986 to disallow any deduction for punitive damages, and for other purposes.
No Tax Write-offs for Corporate Wrongdoers 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.
Introduced in Senate
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S204-205)
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