H.R. 1334 would provide for the tax treatment of income received in connection with the litigation concerning the Exxon Valdez oil spill.
Detailed Summary
Exxon Valdez Oil Spill Tax Treatment Act - Allows taxpayers who are plaintiffs in the civil action <i>In re Exxon Valdez</i>, No. 89-095-CV (HRH) (Consolidated) (D. Alaska), or their heirs or dependents, to: (1) elect to average, for income tax purposes, income received in settlement of such civil action for the period beginning on January 1, 1994, and ending on December 31 of the year in which any settlement income is received; and (2) make contributions of any amount of such settlement income to certain tax-exempt retirement plans in the year such income is received.
Status of the Legislation
Latest Major Action: 3/6/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.
Points in Favor
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Points Against
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Visitor Comments
francis
January 29, 2008, 7:07pm (report abuse)ty 4 no taxes