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HR 6700 112th Congress House Taxation Civil actions and liability Competition and antitrust Income tax deductions Income tax exclusion Life, casualty, property insurance

Stop Deducting Damages Act of 2012

Introduced: December 20, 2012 Introduced by: Welch, Peter Democratic · Vermont See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 20, 2012
Referred to the House Committee on Ways and Means.
Dec 20, 2012
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now December 20, 2012

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1