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S. 169 (114th): No Tax Write-offs for Corporate Wrongdoers Act

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jan 13, 2015.


No Tax Write-offs for Corporate Wrongdoers Act

Amends the Internal Revenue Code to: (1) deny a tax deduction for any amount paid or incurred for punitive damages in connection with any judgment in, or settlement of, any legal action; and (2) include any amount paid as punitive damages in gross income for income tax purposes.