Ponzi Scheme Victims' Tax Relief Act of 2011

Summary

Ponzi Scheme Victims' Tax Relief Act of 2011- 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. Waives for a one-year period after the enactment of this Act the application of any law or rule of law (including res judicata) which prevents any credit or refund otherwise allowed by this Act.

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Timeline

1. 15 April 2011

   Introduced

   Introduced in House

   Source: IntroReferral

2. 15 April 2011

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

3. 15 April 2011

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 15 April 2011 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 15 April 2011

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 15 April 2011

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 15 April 2011

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Pascrell, Bill, Jr. [D-NJ-9] · D · Sponsor
• Rep. Boustany, Charles W., Jr. [R-LA-3] · R · Sponsor
• Rep. Berkley, Shelley [D-NV-1] · D · Sponsor
• Rep. Garrett, Scott [R-NJ-5] · R · Sponsor
• Rep. Maloney, Carolyn B. [D-NY-12] · D · Sponsor
• Rep. King, Peter T. [R-NY-2] · R · Sponsor
• Rep. Rothman, Steven R. [D-NJ-9] · D · Sponsor
• Rep. Rooney, Thomas J. [R-FL-17] · R · Sponsor
• Rep. Schwartz, Allyson Y. [D-PA-13] · D · Sponsor
• Rep. Ros-Lehtinen, Ileana [R-FL-27] · R · Sponsor
• Rep. Weiner, Anthony D. [D-NY-9] · D · Sponsor
• Rep. Sessions, Pete [R-TX-17] · R · Sponsor
• Rep. Bonner, Jo [R-AL-1] · R · Cosponsor
• Sen. Welch, Peter [D-VT] · D · Cosponsor
• Rep. Crowley, Joseph [D-NY-14] · D · Cosponsor
• Rep. Miller, Brad [D-NC-13] · D · Cosponsor
• Rep. Coble, Howard [R-NC-6] · R · Cosponsor
• Rep. Himes, James A. [D-CT-4] · D · Cosponsor
• Rep. Granger, Kay [R-TX-12] · R · Cosponsor
• Sen. Cassidy, Bill [R-LA] · R · Cosponsor
• Rep. Stark, Fortney Pete [D-CA-13] · D · Cosponsor
• Rep. Moore, Gwen [D-WI-4] · D · Cosponsor
• Sen. Schiff, Adam B. [D-CA] · D · Cosponsor
• Rep. Grimm, Michael G. [R-NY-11] · R · Cosponsor
• · hswm00 · Standing

Related records

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