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  • Not enacted
    The President has not signed this bill
  • The house has not voted
  • The senate has not voted
      senate Committees
      Senate Committee on Finance
    IntroducedNovember 5th, 2013

Bill Details

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Title

Government Settlement Transparency and Reform Act

Official Title

A bill to amend the Internal Revenue Code of 1986 to deny tax deductions for corporate regulatory violations.

Summary

Government Settlement Transparency and Reform Act - 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 any governmental entity relating to the violation of any law or the investigation or inquiry into a potential violation of law. 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. Imposes new reporting requirements on governmental entities relating to amounts paid as fines or for restitution.

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