A2699 — 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.

A2699 — 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 CitizenryThis bill proposes to disallow tax deductions for punitive damages paid or incurred in connection with the judgment or settlement of any legal action under the corporation business tax and gross in…Open in Informed Citizenry