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HR 2486 114th Congress House Taxation Civil actions and liability Income tax deductions Income tax exclusion Life, casualty, property insurance

Stop Deducting Damages Act of 2015

Introduced: May 20, 2015 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
May 20, 2015
Referred to the House Committee on Ways and Means.
May 20, 2015
Introduced in House
 Plain-English summary Congressional Research Service

Stop Deducting Damages Act of 2015

Amends the Internal Revenue Code to: (1) deny a tax deduction for any amount paid or incurred for compensatory or punitive damages in connection with any judgment in, or settlement of, any action against a government; and (2) include in gross income any amount paid as insurance or otherwise due to liability for punitive damages.

What's happening now May 20, 2015

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1