S 3422
109th Congress
Senate
Taxation
Agriculture and Food
Alaska
Annuities
Civil actions and liability
Damages
Environmental Protection
Farm income
Income tax
Individual retirement accounts
Labor and Employment
Law
Liability for environmental damages
Oil pollution
Tax administration
Tax exclusion
Tax-deferred compensation plans
A bill to provide for the tax treatment of income received in connection with the litigation concerning the Exxon Valdez oil spill.
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 6, 2006
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S5494)
Jun 6, 2006
Sponsor introductory remarks on measure. (CR S5493-5494)
Jun 6, 2006
Introduced in Senate
Plain-English summary
Allows taxpayers who are plaintiffs in the civil action In re Exxon Valdez, No. 89-095-CV (HRH) (Consolidated) (D. Alaska) to: (1) elect to average, for income tax purposes, income received in settlement of such civil action for the period beginning on January 1, 1994, and ending on December 31 of the year in which any settlement income is received; and (2) make contributions of any amount of such settlement income to certain tax-exempt retirement plans in the year such income is received.
What's happening now
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S5494)
Committees of jurisdiction
1