Business Services Industry
Bill would eliminate tax break for punitives.(News)
Business Insurance, January, 2004 by Martin, Sara
Byline: SALLY ROBERTS WASHINGTON-Punitive damage award payments would no longer be a deductible business expense under a provision tucked away in a Senate tax bill awaiting floor action. The Jumpstart Our Business Strength Act, S.1637, which was introduced in the Senate in September, aims to amend the Internal Revenue Code of 1986 to comply with certain World Trade Organization rulings.
In addition to various tax incentives to stimulate jobs and U.S. economic growth, the bill contains a provision that would abolish tax deductions for punitive damages payments, which employers have been able to deduct as a justifiable business expense for years. Observers say eliminating the tax deduction is a concern for businesses. "It's a long-accepted tax policy...
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