To increase the criminal monetary penalty limitation for the underpayment or overpayment of tax due to fraud.

1. Adds SEC. 335. INCREASE IN CRIMINAL MONETARY PENALTY LIMITATION FOR THE UNDERPAYMENT OR OVERPAYMENT OF TAX DUE TO FRAUD at the end of part I of subtitle C of title III

   Adds a section

   In S. 1054 · Placed on Calendar Senate

   (c) Effective Date.--The amendments made by this section shall apply to damages paid or incurred on or after the date of the enactment of this Act.

   Inserted: SEC. 335. INCREASE IN CRIMINAL MONETARY PENALTY LIMITATION FOR THE UNDERPAYMENT OR OVERPAYMENT OF TAX DUE TO FRAUD.

   Inserted: (a) In General.--Section 7206 (relating to fraud and false statements) is amended--

   Inserted: (1) by striking "Any person who--" and inserting "(a) In General.--Any person who--", and

   Inserted: (2) by adding at the end the following new subsection:

   Inserted: "(b) Increase in Monetary Limitation for Underpayment or Overpayment of Tax Due To Fraud.--If any portion of any underpayment (as defined in section 6664(a)) or overpayment (as defined in section 6401(a)) of tax required to be shown on a return is attributable to fraudulent action described in subsection (a), the applicable dollar amount under subsection (a) shall in no event be less than an amount equal to such portion. A rule similar to the rule under section 6663(b) shall apply for purposes of determining the portion so attributable.".

   Inserted: (b) Effective Date.--The amendments made by this section shall apply to underpayments and overpayments attributable to actions occurring after the date of the enactment of this Act.

   Original wording

   At the end of part I of subtitle C of title III add the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed