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S. 4318 117th Congress Senate

No Tax Write-offs for Corporate Wrongdoers Act

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

Introduced: June 23, 2022 See on congress.gov
Taxation Civil actions and liabilityCompetition and antitrustIncome tax deductionsIncome tax exclusionLife, casualty, property insurance
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) 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
May 26, 2022
Read twice and referred to the Committee on Finance.
May 26, 2022
Introduced in Senate
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 Latest action May 26, 2022

Read twice and referred to the Committee on Finance.

 Plain-English summary Congressional Research Service

No Tax Write-offs for Corporate Wrongdoers Act

This bill denies a tax deduction for any amount paid or incurred for punitive damages in connection with any judgment in, or settlement of, any legal action. The bill also requires the gross income of a taxpayer to include any amount paid to or on behalf of the taxpayer as insurance or otherwise by reason of the taxpayer's liability (or agreement) to pay punitive damages.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Gillibrand, Kirsten E.
New York · Jun 23, 2022
Cite this page click to expand
APA
U.S. Congress. (2026). S. 4318: No Tax Write-offs for Corporate Wrongdoers Act. 117th Congress. Open America. https://openamerica.io/bill/117-S-4318/
MLA
"S. 4318: No Tax Write-offs for Corporate Wrongdoers Act." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-S-4318/.
Bluebook (legal)
S. 4318, 117th Cong. (2026), https://openamerica.io/bill/117-S-4318/.
Markdown link
[S. 4318: No Tax Write-offs for Corporate Wrongdoers Act](https://openamerica.io/bill/117-S-4318/)
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