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United States · Bill · HR

H.R. 5058 (111th)

Ponzi Scheme Victims' Tax Relief Act of 2010

referredUnited States· United States Congress· EN

Introduced

15 April 2010

Last action

15 April 2010 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Rep. Pascrell, Bill, Jr. [D-NJ-9], Rep. Weiner, Anthony D. [D-NY-9], Rep. Ros-Lehtinen, Ileana [R-FL-27], Rep. Melancon, Charlie [D-LA-3], Rep. Culberson, John Abney [R-TX-7], Rep. Crowley, Joseph [D-NY-14], Rep. Rothman, Steven R. [D-NJ-9], Sen. Welch, Peter [D-VT], Rep. King, Peter T. [R-NY-2], Rep. Thompson, Bennie G. [D-MS-2], Rep. Buchanan, Vern [R-FL-16], Rep. McCaul, Michael T. [R-TX-10], Rep. Smith, Lamar [R-TX-21], Rep. Coble, Howard [R-NC-6], Rep. Boustany, Charles W., Jr. [R-LA-3], Rep. Berkley, Shelley [D-NV-1], Rep. Myrick, Sue Wilkins [R-NC-9], Rep. Miller, Brad [D-NC-13], Rep. Schwartz, Allyson Y. [D-PA-13], Rep. Luetkemeyer, Blaine [R-MO-3], Rep. Maloney, Carolyn B. [D-NY-12], Rep. Tonko, Paul [D-NY-20], Rep. Cohen, Steve [D-TN-9], Rep. Scalise, Steve [R-LA-1], Rep. Granger, Kay [R-TX-12], Rep. Klein, Ron [D-FL-22], Rep. Olson, Pete [R-TX-22], Sen. Cassidy, Bill [R-LA], Rep. McMahon, Michael E. [D-NY-13], Rep. Marchant, Kenny [R-TX-24], Rep. Harper, Gregg [R-MS-3], Rep. Rodriguez, Ciro D. [D-TX-28], Sen. Boozman, John [R-AR], Rep. Stark, Fortney Pete [D-CA-13], Rep. Garrett, Scott [R-NJ-5], Rep. Rooney, Thomas J. [R-FL-17], Rep. Bonner, Jo [R-AL-1], Rep. Sessions, Pete [R-TX-17]

Subjects

Taxation

Source updated

6 December 2025

Taxation

Official sourceDownload fileView documentsShare

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 15 April 2010

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 15 April 2010

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 15 April 2010

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 15 April 2010

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  • Introduced in House (PDF)

    Introduced in House · EN · 15 April 2010

    ViewDownloadOpen at official source

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  • Introduced in House

    summary · EN · 15 April 2010

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Sponsors

Related records

Sources

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