HR 1159
111th Congress
House
Taxation
Financial services and investments
Fraud offenses and financial crimes
Income tax deductions
Social work, volunteer service, charitable organizations
Transfer and inheritance taxes
To amend the Internal Revenue Code of 1986 to provide special rules for investments lost in a fraudulent Ponzi-type scheme.
Introduced: February 24, 2009
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 24, 2009
Referred to the House Committee on Ways and Means.
Feb 24, 2009
Introduced in House
Plain-English summary
Amends the Internal Revenue Code to: (1) allow an enhanced tax deduction for losses sustained from a fraudulent Ponzi-type scheme; (2) extend the carryback period for net operating losses attributable to such schemes; (3) waive certain limitations on the charitable tax deduction for contributions to charities with losses from fraudulent Ponzi-type schemes; and (4) restore the gift tax unified credit for gifts of an interest in a fraudulent Ponzi-type scheme. Defines "fraudulent Ponzi-type scheme" as any fraudulent investment operation that provides investors with returns that are derived substantially from investments made by other investors rather than from profits.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1