S. 4318 · 117th Congress
No Tax Write-offs for Corporate Wrongdoers Act
- Stage
- In committee
- Sponsor
- Patrick Leahy
- Introduced
- 2022-05-26
- Latest action
- 2022-05-26 · Introduced in Senate
Summary
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.