| Home > 106th Congressional Bills > S. 1976 (is) To amend the Internal Revenue Code of 1986 to provide that certain uses of a facility owned by a tax-exempt organization shall not be treated as private business use for purposes of determining whether bonds issued to provide the facility are...
S. 1976 (is) To amend the Internal Revenue Code of 1986 to provide that certain uses of a facility owned by a tax-exempt organization shall not be treated as private business use for purposes of determining whether bonds issued to provide the facility are...
108th CONGRESS 1st Session S. 1975 To amend the Internal Revenue Code of 1986 to deny a deduction for securities-related fines, penalties, and other amounts, and to provide that revenues resulting from such denial be transferred to Fair Funds for the relief of victims. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES November 25, 2003 Mr. Dodd (for himself and Mr. McCain) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to deny a deduction for securities-related fines, penalties, and other amounts, and to provide that revenues resulting from such denial be transferred to Fair Funds for the relief of victims. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. DENIAL OF DEDUCTION FOR SECURITIES-RELATED FINES, PENALTIES, AND OTHER AMOUNTS. (a) In General.--Subsection (f) of section 162 of the Internal Revenue Code of 1986 (relating to trade or business expenses) is amended to read as follows: ``(f) Fines and Penalties.-- ``(1) In general.--No deduction shall be allowed under subsection (a) for any fine or similar penalty paid to a government for the violation of any law. ``(2) Special rules for securities-related fines, penalties, and other amounts.-- ``(A) In general.--No deduction otherwise allowable (after the application of paragraph (1)) shall be allowed under this chapter for any amount paid or incurred (whether by suit, agreement, or otherwise) to, or at the direction of, a government or self-regulatory organization in relation to-- ``(i) the violation of the securities laws or the rules of a self-regulatory organization, ``(ii) the failure to supervise any person who violates such laws or rules, or ``(iii) the investigation or inquiry into the potential violation of such laws or rules. ``(B) Definitions.--For purposes of this paragraph, the terms `securities laws', `self-regulatory organization', and `rules of a self-regulatory organization' have the meanings given such terms by section 3(a) of the Securities and Exchange Act of 1934 (15 U.S.C. 78c(a)). ``(C) Transfer of certain revenues to fair funds for the relief of victims.-- ``(i) In general.--There are hereby appropriated to the Securities and Exchange Commission amounts which the Secretary determines are equivalent to the increases in Federal revenues by reason of the application of this subsection to amounts described in subparagraph (A). ``(ii) Allocation to fair funds.--The Securities and Exchange Commission shall transfer to any disgorgement fund established by the Commission with respect to any taxpayer pursuant to section 308 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7246) the portion of the amounts appropriated under clause (i) attributable to the payment of any amount described in subparagraph (A) by the taxpayer.''. (b) Effective Date.--The amendment made by this section shall apply to amounts paid or incurred after April 28, 2003, except that such amendment shall not apply to amounts paid or incurred under any binding order or agreement entered into on or before April 28, 2003. Such exception shall not apply to an order or agreement requiring court approval unless the approval was obtained on or before April 28, 2003. <all>
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