Ponzi Scheme Victims' Tax Relief Act of 2010
Latest action · Apr 15, 2010 Referred to the House Committee on Ways and Means.
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.
- IntroducedApr 15, 2010
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Ponzi Scheme Victims' Tax Relief Act of 2010 - Amends the Internal Revenue Code to allow: (1) a special theft loss tax deduction for qualified fraudulent investment losses and for such losses in connection with assets held in an individual retirement account (IRA); (2) a carryback of net operating losses which are qualified fraudulent investment losses for up to 10 years; (3) withdrawals from tax-exempt retirement plans for a 10-year period without penalty to replace qualified fraudulent investment losses; (4) catch-up contributions to retirement plans to compensate for fraudulent investment losses; and (5) an extension of the limitation period for filing refund claims for overpayments of tax in connection with gifts and bequests of an interest in an investment for which there is a qualified fraudulent investment loss.
Defines "qualified fraudulent investment loss" as a loss discovered in 2008 or 2009 resulting from a fraudulent arrangement in which a person receives cash or property from investors, purports to earn income for investors, reports partially or wholly fictitious income to such investors, makes payments to some investors from payments made by other investors, and appropriates some or all of the investors' cash or property.
Cosponsors 37
Members who signed on, in the order they did. Signatures ran from Apr 15, 2010 to Nov 17, 2010; 2 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Anthony D. Weiner | Original | Apr 15, 2010 |
| R-FL | Ileana Ros-Lehtinen | Original | Apr 15, 2010 |
| D-LA | Charlie Melancon | Apr 20, 2010 | |
| R-TX | John Abney Culberson | Apr 26, 2010 | |
| D-NY | Joseph Crowley | May 11, 2010 | |
| D-NJ | Steven R. Rothman | May 11, 2010 | |
| D-VT | Peter Welch | May 18, 2010 | |
| R-NY | Peter T. King | May 25, 2010 | |
| D-MS | Bennie G. Thompson | Jun 22, 2010 | |
| R-FL | Vern Buchanan | Jul 1, 2010 | |
| R-TX | Michael T. McCaul | Jul 14, 2010 | |
| R-TX | Lamar Smith | Jul 19, 2010 | |
| R-LA | Charles W. Boustany, Jr. | Jul 20, 2010 | |
| R-NC | Howard Coble | Jul 20, 2010 | |
| D-NC | Brad Miller | Jul 27, 2010 | |
| D-NV | Shelley Berkley | Jul 27, 2010 | |
| R-NC | Sue Wilkins Myrick | Jul 27, 2010 | |
| D-PA | Allyson Y. Schwartz | Jul 29, 2010 | |
| R-MO | Blaine Luetkemeyer | Jul 29, 2010 | |
| D-NY | Carolyn B. Maloney | Jul 29, 2010 | |
| D-NY | Paul Tonko | Jul 29, 2010 | |
| D-TN | Steve Cohen | Jul 29, 2010 | |
| R-TX | Kay Granger | Jul 30, 2010 | |
| D-FL | Ron Klein | Jul 30, 2010 | |
| R-LA | Steve Scalise | Jul 30, 2010 | |
| R-TX | Pete Olson | Aug 10, 2010 | |
| R-LA | Bill Cassidy | Sep 14, 2010 | |
| D-TX | Ciro D. Rodriguez | Sep 14, 2010 | |
| D-CA | Fortney Pete Stark | Sep 14, 2010 | |
| R-MS | Gregg Harper | Sep 14, 2010 | |
| R-AR | John Boozman | Sep 14, 2010 | |
| R-TX | Kenny Marchant | Sep 14, 2010 | |
| D-NY | Michael E. McMahon | Sep 14, 2010 | |
| R-NJ | Scott Garrett | Sep 23, 2010 | |
| R-FL | Thomas J. Rooney | Sep 23, 2010 | |
| R-AL | Jo Bonner | Nov 17, 2010 | |
| R-TX | Pete Sessions | Nov 17, 2010 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Apr 15, 2010 |
Actions 2
Everything that happened, newest first.
- Apr 15, 2010Introduced in House
- Apr 15, 2010Referred to the House Committee on Ways and Means.
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 |
|---|---|---|---|
| House | Debate and remarks H3302 | Ileana Ros-Lehtinen R-FL | May 11, 2010 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 111-158 | ASSESSING THE LIMITATIONS OF THE SECURITIES INVESTOR PROTECTION ACT171 pages | Financial Services Committee | Sep 23, 2010 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 3166 | Ponzi Scheme Victim's Bill of Rights Act of 2010 | Related bill | Mar 25, 2010 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to provide special rules for investments lost in a fraudulent Ponzi-type scheme.
- Short Titles as Introduced
- Ponzi Scheme Victims' Tax Relief Act of 2010
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Apr 15, 2010Introduced in House
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.
