H.R. 1635 - Ponzi Scheme Victims' Tax Relief Act of 2011

Sponsor: Rep. William Pascrell [D-NJ8]
Status: Introduced: April 15th, 2011
Co-Sponsors: Click here.

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

NIAP’s Position:
Madoff victims have unquestionably suffered from the Congressional dysfunction, and no legislation moreso than HR1635, which provides extended carryback for theft-losses, as well as Senator Schumer’s earlier legislation, S3166. With the creation of the new Congressional Supercommittee to modify tax law and the refocus on debt-related issues, the climate for extended tax relief is now made still more uncertain. That said, NIAP still strongly supports the legislation and is highly frustrated that these earlier efforts were stymied by Congress’ political distractions, but will continue to work with Congressmen Pascrell, Boustany, and Senator Schumer to seek to build support for these legislative initiatives.