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End Double Taxation of Consumer Claim Awards

This bill aims to make it easier for individuals who win lawsuits or settle claims related to consumer protection violations. It allows attorney fees and costs associated with such cases to be deducted from taxable income, meaning you'll pay less tax on the compensation received. This ensures more of your award stays in your pocket.
Key points
Deductible Legal Costs: If you win a consumer case or reach a settlement, you can deduct attorney fees and other related costs from your taxable income.
Lower Taxes on Awards: This deduction means you will pay less tax on the money you receive as compensation for consumer protection violations.
Covers Various Cases: The changes apply to a wide range of consumer protection violations, including credit fraud, product issues, unfair trade practices, and more.
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Expired
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Additional Information
Print number: 118_HR_6699
Sponsor: Rep. Horsford, Steven [D-NV-4]
Process start date: 2023-12-11