US Congress House Bill 1635 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on April 15 2011 - 25% progression, died in committee
Action: 2011-04-15 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Ponzi Scheme Victims' Tax Relief Act of 2011- Amends the Internal Revenue Code to allow: (1) a special theft loss tax deduction for qualified fraudulent investment losses and for such losses in connection with assets held in an individual retirement account (IRA); (2) a carryback of net operating losses which are qualified fraudulent investment losses for up to 10 years; (3) withdrawals from tax-exempt retirement plans for a 10-year period without penalty to replace qualified fraudulent investment losses; (4) catch-up contributions to retirement plans to compensate for fraudulent investment losses; and (5) an extension of the limitation period for filing refund claims for overpayments of tax in connection with gifts and bequests of an interest in an investment for which there is a qualified fraudulent investment loss. Defines "qualified fraudulent investment loss" as a loss discovered in 2008 or 2009 resulting from a fraudulent arrangement in which a person receives cash or property from investors, purports to earn income for investors, reports partially or wholly fictitious income to such investors, makes payments to some investors from payments made by other investors, and appropriates some or all of the investors' cash or property. Waives for a one-year period after the enactment of this Act the application of any law or rule of law (including res judicata) which prevents any credit or refund otherwise allowed by this Act.

Ponzi Scheme Victims' Tax Relief Act of 2011

Rep. Bill Pascrell [D-NJ]	Rep. Shelley Berkley [D-NV]	Rep. Jo Bonner [R-AL]	Rep. Charles Boustany [R-LA]
Sen. Bill Cassidy [R-LA]	Rep. Howard Coble [R-NC]	Rep. Joseph Crowley [D-NY]	Rep. Scott Garrett [R-NJ]
Rep. Kay Granger [R-TX]	Rep. Michael Grimm [R-NY]	Rep. James Himes [D-CT]	Rep. Peter King [R-NY]
Rep. Carolyn Maloney [D-NY]	Rep. Brad Miller [D-NC]	Rep. Gwen Moore [D-WI]	Rep. Thomas Rooney [R-FL]
Rep. Ileana Ros-Lehtinen [R-FL]	Rep. Steven Rothman [D-NJ]	Rep. Adam Schiff [D-CA]	Rep. Allyson Schwartz [D-PA]
Rep. Pete Sessions [R-TX]	Rep. Fortney Stark [D-CA]	Rep. Anthony Weiner [D-NY]	Sen. Peter Welch [D-VT]

Date	Chamber	Action
2011-04-15	House	Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/1635/all-info
Text	https://www.congress.gov/112/bills/hr1635/BILLS-112hr1635ih.pdf