releases: https://web.archive.org/web/20140221023034/http://www.billnelson.senate.gov/news/details.cfm?id=347006&
Data license: MIT · Data source: dwillis/congress-press
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| https://web.archive.org/web/20140221023034/http://www.billnelson.senate.gov/news/details.cfm?id=347006& | Senator wants to ban tax deductions for corporate wrongdoing | 2013-11-05 | 2013 | 2013-11 | Democrat | House | FL | Bill Nelson | N000032 | web.archive.org | legacy | Senator wants to ban tax deductions for corporate wrongdoing November 5, 2013 WASHINGTON, D.C. - U.S. Sen. Bill Nelson (D-FL) wants lawmakers working on the budget to consider approving a ban against corporations taking tax deductions for penalties imposed in cases of wrongdoing. Nelson’s proposal comes in the wake of the latest disclosure that JPMorgan Chase is trying to claim a tax deduction for a portion of the $13 billion penalty it’s negotiating with the U.S. Department of Justice. The company was engulfed in a case stemming from its handling of mortgage securities ahead of the 2008 financial crisis. The deduction would save the company roughly $4 billion in U.S. taxes. "That's money the U.S. taxpayer ought to be getting," Nelson said today. Nelson made his request to end such tax breaks in a letter today to leaders of a 29-member special House-Senate Committee that is charged with resolving about $90 billion in differences between the differing federal budget plans of the two legislative chambers. Nelson is one of the Senate appointees to the panel. The panel is supposed to reach a budget compromise by next month. Meantime, this isn’t the first time the Florida Democrat has fought against a corporation trying to claim a tax deduction for a penalty. Earlier this year, following reports that BP was looking to write off a portion of the $4.5 billion penalty it agreed to pay for its role in the 2010 Gulf of Mexico oil spill, Nelson filed legislation to change the tax code and deny such tax deductions for oil spill-related expenses including legal, clean-up and other costs. And Nelson’s not alone in his efforts to prevent JPMorgan Chase from writing off a portion of its $13 billion settlement, Last month, he and a handful of senators wrote a letter Attorney General Eric Holder urging him to prevent JPMorgan Chase’s move to reduce its taxes. There have been similar moves made over the years. In 2006, Boeing tried to write off the $615 million fine it agreed to pay the government to settle charges stemming from the improper hiring of a Pentagon official - but then backed down in the face of growing pressure from lawmakers not to take such a deduction. Four years later, Goldman Sachs agreed not to deduct any portion of the $550 million penalty it paid the Securities and Exchange Commission to settle claims it misled investors about collateralized debt obligations linked to subprime mortgages. And earlier this year, the Justice Department prevented BP from writing off a portion of the $4.5 billion penalty it was forced to pay following the 2010 Deepwater Horizon explosion in the Gulf of Mexico that created one of the largest oil spills in U.S. history. ### | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |