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US SB467
Bill
Status
2/6/2025
Primary Sponsor
Catherine Cortez Masto
Click for details
AI Summary
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Amends Internal Revenue Code Section 62(a) to allow above-the-line tax deductions for attorney fees and court costs related to consumer protection claim awards
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Covers violations of 14 specific federal consumer protection laws, including the Truth in Lending Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, Equal Credit Opportunity Act, and Servicemembers Civil Relief Act
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Extends to any federal, state, or local law enforcing consumer protection or regulating consumer transactions, including claims for unfair, deceptive, or abusive trade practices
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Applies to attorney fees and court costs paid in taxable years ending after enactment for judgments or settlements occurring in those years
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Introduced February 6, 2025 by Senator Cortez Masto with 5 Democratic cosponsors; referred to Committee on Finance
Legislative Description
End Double Taxation of Successful Consumer Claims Act
Taxation
Last Action
Read twice and referred to the Committee on Finance.
2/6/2025