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BILL SPONSOR
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Jack Reed
Democratic - RI
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TRACK BILL
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Bill Progress
BILL INTRODUCED 11/5/2013
SENATE PASSED
HOUSE PASSED
PRESIDENT TO PRESIDENT
PRESIDENT SIGNS
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S.1654 : A bill to amend the Internal Revenue Code of 1986 to deny tax deductions for corporate regulatory violations.
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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.