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.

referredUnited States· United States Congress· EN

Introduced

25 November 2003

Last action

25 November 2003 · Introduced

Status

Read twice and referred to the Committee on Finance.

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.

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

Timeline

25 November 2003
Introduced
Read twice and referred to the Committee on Finance.
Source: IntroReferral
25 November 2003
Introduced
Sponsor introductory remarks on measure. (CR S16023-16024)
Source: IntroReferral
25 November 2003
Introduced
Introduced in Senate
Source: IntroReferral

Votes

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Versions

Introduced in Senate · 25 November 2003 · Download file

Documents

3 official files

Introduced in Senate (text)

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Introduced in Senate (text)
Introduced in Senate · EN · 25 November 2003
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Introduced in Senate (PDF)
Introduced in Senate · EN · 25 November 2003
View Download Open at official source
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Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
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Introduced in Senate
summary · EN · 25 November 2003
Open at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Vertaal naar
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Related records

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Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/108th-congress/senate-bill/1975
Open data entity: https://api.congress.gov/v3/bill/108/s/1975
us · 108-s-1975 · source updated 14 January 2025