To amend the Internal Revenue Code of 1986 to allow certain legal fees and investment fees to be taken into account as miscellaneous itemized deductions.

Bill: 116-hr-3168
Sponsor: full_name: Rep. Flores, Bill [R-TX-17]
Introduced: 2019-06-10
Policy area: Taxation
Subjects: Financial services and investments

Income tax deductions

Legal fees and court costs
Latest action: action_date: 2019-06-10
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2019-06-10
action_desc: Introduced in House
text: <p>This bill allows certain legal and investment fees to be currently taken into account as miscellaneous itemized deductions despite the suspension of such deductions after 2017 and before 2026. </p>

tv_txt: I 116th CONGRESS 1st Session H. R. 3168 IN THE HOUSE OF REPRESENTATIVES June 10, 2019 Mr. Flores introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to allow certain legal fees and investment fees to be taken into account as miscellaneous itemized deductions.

1. Certain fees taken into account as miscellaneous itemized deduction (a) In general Section 67(g) of the Internal Revenue Code of 1986 is amended by adding at the end the following: In the case of any legal fees, or investment fees, paid or incurred by an individual for the production of income or in connection with the performance of services as an employee, which but for the preceding sentence would be taken into account as a miscellaneous itemized deduction under subsection (a) for any such taxable year, the preceding sentence shall not apply. . (b) Effective date The amendment made by this section shall take effect as if included in the enactment of Public Law 115–97 . (c) Definitions In this section: (1) Legal fees The term legal fees shall include any fee or expense paid or incurred to establish the basis of a settlement agreement. (2) Investment fees The term investment fees means any fee or expense paid or incurred for the management of investments.