Government Settlement Transparency and Reform Act

Summary

Government Settlement Transparency and Reform Act This bill amends the Internal Revenue Code to expand provisions relating to the nondeductibility of fines and penalties to prohibit a tax deduction for any amount paid or incurred to, or at the direction of, any governmental entity relating to the violation of any law or the investigation or inquiry into a potential violation of law. The bill exempts from such prohibition: (1) restitution or amounts paid to come into compliance with any law that was violated or otherwise involved in the investigation or inquiry, (2) amounts paid pursuant to a court order in a suit in which the governmental entity was not a party, and (3) amounts paid or incurred as taxes due. The bill also imposes new reporting requirements on governmental entities relating to amounts paid as fines or for restitution.

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

Timeline

1. 3 April 2017

   Introduced

   Introduced in Senate

   Source: IntroReferral

2. 3 April 2017

   Introduced

   Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2176-2177)

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 3 April 2017 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 3 April 2017

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 3 April 2017

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 3 April 2017

  Open at official source

Sponsors

• John Reed · D · Sponsor
• Chuck Grassley · R · Sponsor
• Sen. Leahy, Patrick J. [D-VT] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to ← An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018.
• related to ← Government Settlement Transparency and Reform Act