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Stop Tax Penalties on American Hostages Act
3/12/2024, 3:19 PM
Summary of Bill S 1679
Bill 118 s 1679, also known as the Stop Tax Penalties on American Hostages Act, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to prevent American hostages and their families from being penalized with taxes on any ransom payments made to secure their release.
The bill specifically aims to amend the Internal Revenue Code to exclude from gross income any amounts received as a ransom, reward, or payment for the release of a hostage. This would ensure that individuals who have been held captive and their families are not burdened with additional financial hardships as a result of their traumatic experience.
The Stop Tax Penalties on American Hostages Act has garnered bipartisan support in Congress, with lawmakers recognizing the importance of protecting the well-being of hostages and their loved ones. Supporters of the bill argue that it is unjust to tax individuals who have already suffered greatly at the hands of their captors. Overall, the passage of this legislation would provide much-needed relief to American hostages and their families, ensuring that they are not further victimized by the tax system. It remains to be seen how the bill will progress through Congress, but its potential impact on the lives of those affected by hostage situations is significant.
The bill specifically aims to amend the Internal Revenue Code to exclude from gross income any amounts received as a ransom, reward, or payment for the release of a hostage. This would ensure that individuals who have been held captive and their families are not burdened with additional financial hardships as a result of their traumatic experience.
The Stop Tax Penalties on American Hostages Act has garnered bipartisan support in Congress, with lawmakers recognizing the importance of protecting the well-being of hostages and their loved ones. Supporters of the bill argue that it is unjust to tax individuals who have already suffered greatly at the hands of their captors. Overall, the passage of this legislation would provide much-needed relief to American hostages and their families, ensuring that they are not further victimized by the tax system. It remains to be seen how the bill will progress through Congress, but its potential impact on the lives of those affected by hostage situations is significant.
Congressional Summary of S 1679
Stop Tax Penalties on American Hostages Act
This bill postpones certain tax filing deadlines for U.S. nationals and their spouses who are unlawfully or wrongfully detained abroad or held hostage abroad. It also allows for reimbursement and abatement of penalties and fines paid by detained individuals.
Read the Full Bill
Current Status of Bill S 1679
Bill S 1679 is currently in the status of Bill Introduced since May 18, 2023. Bill S 1679 was introduced during Congress 118 and was introduced to the Senate on May 18, 2023. Bill S 1679's most recent activity was Read twice and referred to the Committee on Finance. as of May 18, 2023
Bipartisan Support of Bill S 1679
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
10Democrat Cosponsors
4Republican Cosponsors
6Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 1679
Primary Policy Focus
TaxationAlternate Title(s) of Bill S 1679
Stop Tax Penalties on American Hostages Act
Stop Tax Penalties on American Hostages Act
A bill to amend the Internal Revenue Code of 1986 to postpone tax deadlines and reimburse paid late fees for United States nationals who are unlawfully or wrongfully detained or held hostage abroad, and for other purposes.
Comments
Sponsors and Cosponsors of S 1679
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