A bill to amend the Internal Revenue Code of 1986 to deny a deduction for securities-related fines, penalties, and other amounts, and to provide that revenues resulting from such denial be transferred to Fair Funds for the relief of victims.

Summary

Amends the Internal Revenue code to prohibit the deduction of any fine or similar penalty paid to a government for the violation of any law. Sets forth a special rule prohibiting the deduction of securities-related fines and penalties. Appropriates to Securities and Exchange Commission amounts determined to be equivalent to the increases in Federal revenues by reason of such fines and penalties and requires the Commission to transfer such amounts to any disgorgement fund for the benefit of the victims of the violations which resulted in such securities-related fines and penalties.

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Timeline

1. 25 November 2003

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 25 November 2003

   Introduced

   Sponsor introductory remarks on measure. (CR S16023-16024)

   Source: IntroReferral

3. 25 November 2003

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 25 November 2003 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 25 November 2003

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 25 November 2003

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 25 November 2003

  Open at official source

Sponsors

• Rep. Dodd, Christopher J. [D-CT-2] · D · Sponsor
• Sen. McCain, John [R-AZ] · R · Sponsor
• · ssfi00 · Standing

Related records

No cross-record relationships stored yet.