Government Settlement Transparency and Reform Act
Latest action · Apr 3, 2017 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2176-2177)
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 3, 2017
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Government Settlement Transparency and Reform Act
This bill 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, or at the direction of, any governmental entity relating to the violation of any law or the investigation or inquiry into a potential violation of law.
The bill 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.
The bill also imposes new reporting requirements on governmental entities relating to amounts paid as fines or for restitution.
Cosponsors 2
Members who signed on, in the order they did. Signatures ran from Apr 3, 2017 to Nov 8, 2017, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-IA | Chuck Grassley | Original | Apr 3, 2017 |
| D-VT | Patrick J. Leahy | Nov 8, 2017 |
Actions 2
Everything that happened, newest first.
- Apr 3, 2017Introduced in Senate
- Apr 3, 2017Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2176-2177)
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1 | An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018. | Related bill | Nov 28, 2017 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Apr 3, 2017Introduced 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.