A bill to extend the waiver of limitations with respect to excluding from gross income amounts received by wrongfully incarcerated individuals.

Bill: 115-s-1190
Sponsor: full_name: Sen. Cornyn, John [R-TX]
Introduced: 2017-05-22
Policy area: Taxation
Subjects: Civil actions and liability

Correctional facilities and imprisonment

Income tax credits

Income tax exclusion
Latest action: action_date: 2017-05-22
text: Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3072)

Summaries:
action_date: 2017-05-22
action_desc: Introduced in Senate
text: <p>This bill amends the Protecting Americans from Tax Hikes Act of 2015 to extend the waiver of limitations on credits or refunds related to the exclusion from gross income of certain civil damages, restitution, or other monetary awards received by wrongfully incarcerated individuals.</p>

tv_txt: II 115th CONGRESS 1st Session S. 1190 IN THE SENATE OF THE UNITED STATES May 22, 2017 Mr. Cornyn (for himself and Mr. Warner ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To extend the waiver of limitations with respect to excluding from gross income amounts received by wrongfully incarcerated individuals.

1. Extension of waiver of limitations with respect to excluding from gross income amounts received by wrongfully incarcerated individuals (a) In general Section 304(d) of the Protecting Americans from Tax Hikes Act of 2015 ( 26 U.S.C. 139F note) is amended by striking 1-year and inserting 2-year . (b) Technical correction Section 304(d) of such Act ( 26 U.S.C. 139F note) is amended by striking application of this Act and inserting application of this section . (c) Effective date The amendments made by this section shall take effect as if included in section 304 of the Protecting Americans from Tax Hikes Act of 2015.