Tax Exemption for Sexual Assault and Harassment Settlements.
This bill exempts all financial compensation received through judgments, awards, or settlements related to sexual assault or sexual harassment claims from federal income tax. This change ensures that survivors retain the full amount of their compensation, as they will not be required to pay income tax or related employment taxes on these funds. The goal is to maximize the net financial recovery for those affected.
Key points
Payments for sexual assault or harassment claims, including punitive damages and backpay, will no longer be counted as taxable gross income.
The exemption also applies to Social Security, Railroad Retirement, and unemployment taxes, maximizing the net financial recovery for survivors.
Status:
Expired
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