S2295 — Disallows tax deduction under corporation business tax and gross income tax for punitive damages paid in connection with legal action; includes amount paid as punitive damages on behalf of taxpayer in income for tax purposes.

S2295 — Disallows tax deduction under corporation business tax and gross income tax for punitive damages paid in connection with legal action; includes amount paid as punitive damages on behalf of taxpayer in income for tax purposes. · Informed CitizenryS2295 changes how taxpayers' businesses are taxed when they receive or pay out punitive damages from a lawsuit. Currently, the bill aims to prevent businesses from deducting these specific types of…Open in Informed Citizenry