Government Settlement Transparency Act of 2005
Latest action · Oct 19, 2005 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S11566-11567)
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.
- IntroducedOct 19, 2005
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Government Settlement Transparency Act of 2005 - Amends the Internal Revenue Code to revise the rule denying a tax deduction for fines and penalties paid to a government for the violation of any law to provide that no deduction shall be allowed for any fine or penalty paid (whether by suit, agreement, or otherwise) to, or at the direction of, a government or nongovernmental regulatory entity for a violation of law or for the investigation or inquiry by such government or entity into a potential violation of any law.
Allows exceptions to the general rule of nondeductibility for: (1) certain restitution payments or payments required to come into compliance with law; (2) court-ordered payments not involving a government or nongovernmental regulatory entity; and (3) amounts paid or incurred as taxes due.
Requires governmental agencies involved in a settlement with a taxpayer to report to the Secretary of the Treasury and the taxpayer information about such settlement, including the amount of the settlement, the amount paid as restitution or remediation of property, and the amount paid to come into compliance with law.
Cosponsors 3
Members who signed on, in the order they did. Signatures ran from Oct 19, 2005 to Oct 28, 2005; 2 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-IA | Chuck Grassley | Original | Oct 19, 2005 |
| R-AZ | John McCain | Original | Oct 19, 2005 |
| D-CA | Dianne Feinstein | Oct 28, 2005 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Oct 19, 2005 |
Actions 3
Everything that happened, newest first.
- Oct 19, 2005Introduced in Senate
- Oct 19, 2005Sponsor introductory remarks on measure. (CR S11565-11566)
- Oct 19, 2005Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S11566-11567)
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S11565Text printed S11566Descriptions S11565Committee on Taxation (Joint) | Max Baucus D-MT (text) | Oct 19, 2005 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to deny a deduction for certain fines, penalties, and other amounts.
- Short Titles as Introduced
- Government Settlement Transparency Act of 2005
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Oct 19, 2005Introduced in Senate
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.