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S. 1185

BillFederalSenateIn Committee
A bill to amend the Internal Revenue Code of 1986 to disallow any deduction for punitive damages, and for other purposes.
About This Bill
Committee
Latest Action · April 11, 2019
Read twice and referred to the Committee on Finance.
Congress
116th (2019–2021)
Introduced
April 11, 2019
Cosponsors (0)
None
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Summary

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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.

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