118th Congress Taxation
S. 2550: Denying Expenditures for False Accusations with Malicious Effect (DEFAME) Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill denies certain large corporations (i.e., corporations with gross income exceeding $10 billion in the preceding taxable year) a tax deduction for certain payments relating to defamation law suits, including the applicable defamation suit payment, attorneys' fees, and insurance premiums. The bill defines applicable defamation suit payment as any payment that (1) is made in connection with a defamation suit for which proof of actual malice is required to succeed on the merits, (2) is paid pursuant to a settlement or court order, and (3) exceeds $500 million in the aggregate.
Written by the Congressional Research Service, Library of Congress.
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Amendments
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History
- Introduced in the Senate by Sheldon Whitehouse.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Finance.