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HR 1159 111th Congress House

To amend the Internal Revenue Code of 1986 to provide special rules for investments lost in a fraudulent Ponzi-type scheme.

Introduced: March 16, 2009 See on congress.gov
Taxation Financial services and investmentsFraud offenses and financial crimesIncome tax deductionsSocial work, volunteer service, charitable organizationsTransfer and inheritance taxes
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This bill died when the 111th Congress ended
It never became law before the 111th Congress (2009–2010) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 Latest action February 24, 2009

Referred to the House Committee on Ways and Means.

 Plain-English summary Congressional Research Service

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.

 Related & companion bills 1
  • HR 1389 Related bill Fraudulent Tax Relief Act of 2009
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Democratic 3
Klein, Ron
· Jul 30, 2010
 D
Larson, John B.
Connecticut · Oct 26, 2009
 D
McGovern, James P.
Massachusetts · Mar 16, 2009
 D
Neal, Richard E.
Massachusetts · Mar 16, 2009
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1159: To amend the Internal Revenue Code of 1986 to provide special rules for investments lost in a fraudulent Ponzi-type scheme.. 111th Congress. Open America. https://openamerica.io/bill/111-HR-1159/
MLA
"H.R. 1159: To amend the Internal Revenue Code of 1986 to provide special rules for investments lost in a fraudulent Ponzi-type scheme.." 111th Congress, 2026, Open America, https://openamerica.io/bill/111-HR-1159/.
Bluebook (legal)
H.R. 1159, 111th Cong. (2026), https://openamerica.io/bill/111-HR-1159/.
Markdown link
[H.R. 1159: To amend the Internal Revenue Code of 1986 to provide special rules for investments lost in a fraudulent Ponzi-type scheme.](https://openamerica.io/bill/111-HR-1159/)
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