HR 1635

112th CONGRESS
1st Session

H. R. 1635

To amend the Internal Revenue Code of 1986 to provide special rules for investments lost in a fraudulent Ponzi-type scheme.

IN THE HOUSE OF REPRESENTATIVES

April 15, 2011

Mr. PASCRELL (for himself, Mr. BOUSTANY, Ms. BERKLEY, Mr. GARRETT, Mrs. MALONEY, Mr. KING of New York, Mr. ROTHMAN of New Jersey, Mr. ROONEY, Ms. SCHWARTZ, Ms. ROS-LEHTINEN, Mr. WEINER, and Mr. SESSIONS) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to provide special rules for investments lost in a fraudulent Ponzi-type scheme.

SECTION 1. SHORT TITLE.

SEC. 2. LOSS TREATMENT OF INVESTMENT LOSSES IN FRAUDULENT PONZI-TYPE SCHEME.

SEC. 3. EXTENSION OF NET OPERATING LOSS CARRYBACK PERIOD.

SEC. 4. HARDSHIP WITHDRAWALS.

SEC. 5. CATCH-UP CONTRIBUTIONS.

SEC. 6. EXTENSION OF LIMITATION FOR CREDITS AND REFUNDS FOR GIFTS AND BEQUESTS OF ASSETS WITH QUALIFIED FRAUDULENT INVESTMENT LOSSES.

SEC. 7. WAIVER OF LIMITATION FOR CREDITS AND REFUNDS ATTRIBUTABLE TO THIS ACT.

END