While this post does not relate exclusiverly to the Madoff situation that has impacted so many people throughout the country, legislation that would have provided tax breaks to Ponzi scheme victims failed to make it out of committee. While support for companion bills HR 5058 and S 3166 had continued growing over several months, neither measure was considered in either chamber of Congress. The bills would have increased the number of years that victims could declare net operating losses due to Ponzi schemes in an effort to recoup taxes they already paid on nonexistent earnings. Similar legislation is likely to be introduced this year. For a look at last year’s bills, visit www.thomas.loc.gov for more information on this matter.
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