Summary: S.1185 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for S.1185. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (04/11/2019)

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.