S.803 - Government Settlement Transparency and Reform Act115th Congress (2017-2018) |
|Sponsor:||Sen. Reed, Jack [D-RI] (Introduced 04/03/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 04/03/2017 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.803 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (04/03/2017)
Government Settlement Transparency and Reform Act
This bill amends the Internal Revenue Code to expand provisions relating to the nondeductibility of fines and penalties to prohibit a tax deduction for any amount paid or incurred to, or at the direction of, any governmental entity relating to the violation of any law or the investigation or inquiry into a potential violation of law.
The bill exempts from such prohibition: (1) restitution or amounts paid to come into compliance with any law that was violated or otherwise involved in the investigation or inquiry, (2) amounts paid pursuant to a court order in a suit in which the governmental entity was not a party, and (3) amounts paid or incurred as taxes due.
The bill also imposes new reporting requirements on governmental entities relating to amounts paid as fines or for restitution.