Despite opposition from the business community, the Senate appears ready to eliminate the federal tax deduction for companies that pay punitive damages awards. The Senate on Wednesday approved an amendment to the American Jobs and Closing Tax Loopholes Act of 2010 that ends the deduction in order to pay for an extension of the First Time Home Buyer Credit program. The deduction for punitive damages awards has been controversial over the years and still divides tax scholars and practitioners.
June 21, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Despite opposition from the business community, the Senate appears ready to eliminate the federal tax deduction for companies who pay punitive damages awards.
The Senate on Wednesday, voting 60-37, approved an amendment to the American Jobs and Closing Tax Loopholes Act of 2010 that ends the deduction in order to pay for an extension of the First Time Home Buyer Credit program. The jobs bill is still pending final approval in the Senate; it was passed by the House of Representatives last month.
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