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H.R. 3168: To amend the Internal Revenue Code of 1986 to allow certain legal fees and investment fees to be taken into account as miscellaneous itemized deductions.


The text of the bill below is as of Jun 10, 2019 (Introduced).


I

116th CONGRESS

1st Session

H. R. 3168

IN THE HOUSE OF REPRESENTATIVES

June 10, 2019

introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to allow certain legal fees and investment fees to be taken into account as miscellaneous itemized deductions.

1.

Certain fees taken into account as miscellaneous itemized deduction

(a)

In general

Section 67(g) of the Internal Revenue Code of 1986 is amended by adding at the end the following: In the case of any legal fees, or investment fees, paid or incurred by an individual for the production of income or in connection with the performance of services as an employee, which but for the preceding sentence would be taken into account as a miscellaneous itemized deduction under subsection (a) for any such taxable year, the preceding sentence shall not apply..

(b)

Effective date

The amendment made by this section shall take effect as if included in the enactment of Public Law 115–97.

(c)

Definitions

In this section:

(1)

Legal fees

The term legal fees shall include any fee or expense paid or incurred to establish the basis of a settlement agreement.

(2)

Investment fees

The term investment fees means any fee or expense paid or incurred for the management of investments.