Ponzi Scheme Victim's Bill of Rights Act of 2010

Summary

Ponzi Scheme Victim's Bill of Rights Act of 2010 - Amends the Internal Revenue Code to allow: (1) a special tax deduction for qualified fraudulent investment losses held in an individual retirement account (IRA); (2) a six-year carryback of net operating losses which are qualified fraudulent investment losses; (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.

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Timeline

1. 25 March 2010

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 25 March 2010

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 25 March 2010 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 25 March 2010

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 25 March 2010

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 25 March 2010

  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

• Sen. Schumer, Charles E. [D-NY] · D · Sponsor
• Sen. Kyl, Jon [R-AZ] · R · Sponsor
• Sen. Menendez, Robert [D-NJ] · D · Sponsor
• Sen. Wicker, Roger F. [R-MS] · R · Sponsor
• Sen. Kerry, John F. [D-MA] · D · Sponsor
• Sen. Cochran, Thad [R-MS] · R · Sponsor
• Sen. Landrieu, Mary L. [D-LA] · D · Sponsor
• Sen. Burr, Richard [R-NC] · R · Sponsor
• Sen. Gillibrand, Kirsten E. [D-NY] · D · Sponsor
• Sen. Bond, Christopher S. [R-MO] · R · Sponsor
• Sen. Nelson, Bill [D-FL] · D · Sponsor
• Sen. LeMieux, George S. [R-FL] · R · Sponsor
• Sen. Lincoln, Blanche L. [D-AR] · D · Sponsor
• Sen. Specter, Arlen [R-PA] · D · Sponsor
• Sen. Lieberman, Joseph I. [ID-CT] · ID · Sponsor
• Sen. Dodd, Christopher J. [D-CT] · D · Sponsor
• Sen. Cantwell, Maria [D-WA] · D · Sponsor
• Sen. Vitter, David [R-LA] · R · Sponsor
• Sen. McCaskill, Claire [D-MO] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Ponzi Scheme Victims' Tax Relief Act of 2010