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S 2115 115th Congress Senate Taxation Civil actions and liability Competition and antitrust Income tax deductions Income tax exclusion Life, casualty, property insurance

A bill to amend the Internal Revenue Code of 1986 to disallow any deduction for punitive damages, and for other purposes.

Introduced: November 9, 2017 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
Nov 9, 2017
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7158)
Nov 9, 2017
Introduced in Senate
 Plain-English summary Congressional Research Service

This bill 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 between private parties; and (2) include any amount paid as punitive damages in gross income for income tax purposes.

What's happening now November 9, 2017

Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7158)

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Democratic 4