Tackling Predatory Litigation Funding Act
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Summary
This bill amends the Internal Revenue Code to establish a new federal tax on income received by third-party litigation financing entities. The tax rate equals the highest individual income tax rate plus 3.8 percentage points, applied to proceeds from litigation financing agreements. The bill also excludes such proceeds from the definition of capital assets and requires withholding of 50 percent of the applicable tax rate on litigation proceeds paid to third-party financiers.
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How your representatives voted
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