A bill to amend the Clayton Act and the Internal Revenue Code of 1954 with respect to punitive damages received by private litigants under the Clayton Act, and for other purposes.

Summary

Title I: Statement of Antitrust Policy - Amends the Clayton Antitrust Act to set forth Congressional findings that private antitrust suits are a vital part of the effort to enforce the antitrust laws and that taxation of punitive damages received by private antitrust litigants discourages such litigants from filing suit. Title II: Amendments to the Internal Revenue Code of 1954 - Amends the Internal Revenue Code to exclude from gross income punitive damages (two-thirds of antitrust treble damages) received by a private litigant if such litigant brings suit against a particular defendant before the Federal Government institutes criminal proceedings. Disallows tax deductions for antitrust punitive damages paid or incurred by a taxpayer.

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1 official file

• Introduced in House

  summary · EN · 18 January 1979

  Open at official source

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