S.Amdt. 2646
What it does: Adds SEC. __. INCOME AVERAGING FOR CERTAIN PUNITIVE DAMAGE AWARD RECIPIENTS at the end of title IV
Sen. Lisa Murkowski (R-AK)What it changes
1 change to S. 2020 · shown in the bill's text
Adds SEC. __. INCOME AVERAGING FOR CERTAIN PUNITIVE DAMAGE AWARD RECIPIENTS at the end of title IV
Adds a sectionIn S. 2020 · Placed on Calendar Senate
(d) Effective Date.--The amendments made by this section shall apply to amounts paid or accrued during the period beginning after December 31, 2006, and before January 1, 2008, and properly allocable to such period, with respect to mortgage insurance contracts issued after December 31, 2006.
Inserted: SEC. __. INCOME AVERAGING FOR CERTAIN PUNITIVE DAMAGE AWARD RECIPIENTS.
Inserted: (a) In General.--For purposes of section 1301 of the Internal Revenue Code of 1986--
Inserted: (1) any individual who receives any punitive damage award as a plaintiff in the Exxon Valdez oil spill litigation (Case No. A89-095-CV (HRH)) in any taxable year shall be treated as engaged in a fishing business (determined without regard to the commercial nature of the business), and
Inserted: (2) income which is attributable to such award shall be treated as income attributable to such a fishing business for such taxable year.
Inserted: (b) Effective Date.--The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.
Original wording
At the end of title IV, add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 2646. Ms. MURKOWSKI submitted an amendment intended to be proposed by her to the bill S. 2020, to provide for reconciliation pursuant to section 202(b) of the concurrent resolution on the budget for fiscal year 2006; which was ordered to lie on the table; as follows:
At the end of title IV, add the following:
SEC. __. INCOME AVERAGING FOR CERTAIN PUNITIVE DAMAGE AWARD RECIPIENTS.
(a) In General.--For purposes of section 1301 of the Internal Revenue Code of 1986--
(1) any individual who receives any punitive damage award as a plaintiff in the Exxon Valdez oil spill litigation (Case No. A89-095-CV (HRH)) in any taxable year shall be treated as engaged in a fishing business (determined without regard to the commercial nature of the business), and
(2) income which is attributable to such award shall be treated as income attributable to such a fishing business for such taxable year.
(b) Effective Date.--The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.
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Senate amendment submitted
November 17, 2005