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Legislation Seeks Transparency on Tax-Deductible Settlements

Joe Mont | April 28, 2015

Legislation filed on Tuesday by Sen. Elizabeth Warren (D-Mass.) and Sen. James Lankford (R-Okla.) seeks detailed disclosures on tax deductions that minimize the punitive cost of a federal enforcement action.

“When federal agencies close investigations and settle cases, they often tout the dollar amount obtained from the offender, but in many cases that amount is misleading because of tax deductions and other ‘credits’ built into the settlement that reduce the settlement's true value,” the senators said in a statement.

Under the proposed Truth in Settlements Act, federal agencies would be required to post basic information about major settlements and post copies of those agreements on...

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