S 803 — Government Settlement Transparency and Reform Act

1 sponsors · 0 co-sponsors · 546 not signed on

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Frequently asked questions

What does S 803 do?

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.

Who sponsors S 803?

S 803 is sponsored by Reed, Jack (Democratic).

What is the current status of S 803?

This bill died with 115th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

Where can I track S 803?

Track S 803 free on One Click Politics — get push/email alerts when it moves.