To exclude certain punitive damages received by the taxpayer from gross income.
What it does: Adds SEC. ____. EXCLUSION OF CERTAIN PUNITIVE DAMAGE AWARDS at the end of subtitle C of title V
Sen. Orrin G. Hatch (R-UT)What it changes
1 change to S. 1054 · shown in the bill's text
Adds SEC. ____. EXCLUSION OF CERTAIN PUNITIVE DAMAGE AWARDS at the end of subtitle C of title V
Adds a sectionIn S. 1054 · Placed on Calendar Senate
(c) Effective Date.--The amendments made by this section shall apply to amounts paid or accrued after the date of enactment of this section in taxable years ending after such date.
Inserted: SEC. ____. EXCLUSION OF CERTAIN PUNITIVE DAMAGE AWARDS.
Inserted: (a) In General.--Section 104 (relating to compensation for injuries or sickness) is amended by redesignating subsection (d) as subsection (e), and by inserting after subsection (c) the following new subsection:
Inserted: "(d) Exclusion of Punitive Damages Paid to a State Under a Split-Award Statute.--
Inserted: "(1) In general.--The phrase '(other than punitive damages)' in subsection (a) shall not apply to--
Inserted: "(A) any portion of an award of punitive damages in a civil action which is paid to a State under a split-award statute, or
Inserted: "(B) any attorneys' fees or other costs incurred by the taxpayer in connection with obtaining an award of punitive damages to which subparagraph (A) is applicable.
Inserted: "(2) Split-award statute.--For purposes of this subsection, the term 'split-award statute' means a State law that requires a fixed portion of an award of punitive damages in a civil action to be paid to the State.".
Inserted: (b) Effective Date.--The amendment made by this section shall apply to awards made in taxable years ending after the date of the enactment of this Act.
Original wording
At the end of subtitle C of title V, add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 627. Mr. HATCH submitted an amendment intended to be proposed by him to the bill S. 1054, to provide for reconciliation pursuant to section 201 of the concurrent resolution on the budget for fiscal year 2004; as follows:
At the end of subtitle C of title V, add the following:
SEC. ____. EXCLUSION OF CERTAIN PUNITIVE DAMAGE AWARDS.
(a) In General.--Section 104 (relating to compensation for injuries or sickness) is amended by redesignating subsection (d) as subsection (e), and by inserting after subsection (c) the following new subsection:
“(d) Exclusion of Punitive Damages Paid to a State Under a Split-Award Statute.--
“(1) In general.--The phrase ‘(other than punitive damages)' in subsection (a) shall not apply to--
“(A) any portion of an award of punitive damages in a civil action which is paid to a State under a split-award statute, or
“(B) any attorneys' fees or other costs incurred by the taxpayer in connection with obtaining an award of punitive damages to which subparagraph (A) is applicable.
“(2) Split-award statute.--For purposes of this subsection, the term ‘split-award statute' means a State law that requires a fixed portion of an award of punitive damages in a civil action to be paid to the State.”.
(b) Effective Date.--The amendment made by this section shall apply to awards made in taxable years ending after the date of the enactment of this Act.
Legislative Activity
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Senate amendment submitted
May 15, 2003
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Senate amendment submitted
May 15, 2003
Senate amendment proposed (on the floor): Amendment SA 627 proposed by Senator Grassley for Senator Hatch.(consideration: CR S6451-6456; text: CR S6454)
May 15, 2003
Senate amendment agreed to: Amendment SA 627 agreed to in Senate by Unanimous Consent.
May 15, 2003
Amendment SA 627 proposed by Senator Grassley for Senator Hatch. (consideration: CR S6451-6456; text: CR S6454) To exclude certain punitive damages received by the taxpayer from gross income.
May 15, 2003
Amendment SA 627 agreed to in Senate by Unanimous Consent.
May 15, 2003