A bill to amend the Internal Revenue Code of 1986 to deny a deduction for securities-related fines, penalties, and other amounts, and to provide that revenues resulting from such denial be transferred to Fair Funds for the relief of victims.
Latest action · Nov 25, 2003 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedNov 25, 2003
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Amends the Internal Revenue code to prohibit the deduction of any fine or similar penalty paid to a government for the violation of any law.
Sets forth a special rule prohibiting the deduction of securities-related fines and penalties. Appropriates to Securities and Exchange Commission amounts determined to be equivalent to the increases in Federal revenues by reason of such fines and penalties and requires the Commission to transfer such amounts to any disgorgement fund for the benefit of the victims of the violations which resulted in such securities-related fines and penalties.
Cosponsors 1
Members who signed on, in the order they did. All signed on Nov 25, 2003.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-AZ | John McCain | Original | Nov 25, 2003 |
Actions 3
Everything that happened, newest first.
- Nov 25, 2003Introduced in Senate
- Nov 25, 2003Read twice and referred to the Committee on Finance.
- Nov 25, 2003Sponsor introductory remarks on measure. (CR S16023-16024)
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.