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  • TRACK BILL
      • Democratic
      • Sponsor Party
        Democratic
      • Congress Icon
      • Congress
        113
      • Bill Icon
      • Bill Number
        S.1654
      • Bill Date Introduced
      • Date Introduced
        11/5/2013
  • Bill Progress

    BILL INTRODUCED 11/5/2013

    SENATE PASSED

    HOUSE PASSED

    PRESIDENT TO PRESIDENT

    PRESIDENT SIGNS

Government Settlement Transparency and Reform Act - 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 any governmental entity relating to the violation of any law or the investigation or inquiry into a potential violation of law. 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. Imposes new reporting requirements on governmental entities relating to amounts paid as fines or for restitution.