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

112th Congress · introduced 2011-04-15 · Taxation · Latest: Referred to the House Committee on Ways and Means.

federal

Follow this bill, step by step

Where it came from: introduced 2011-04-15 · official record
Who proposed it: Rep. Pascrell, Bill, Jr. [D-NJ-8] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the House Committee on Ways and Means. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Ponzi Scheme Victims' Tax Relief Act of 2011

Plain summary

Ponzi Scheme Victims' Tax Relief Act of 2011- Amends the Internal Revenue Code to allow: (1) a special theft loss tax deduction for qualified fraudulent investment losses and for such losses in connection with assets held in an individual retirement account (IRA); (2) a carryback of net operating losses which are qualified fraudulent investment losses for up to 10 years; (3) withdrawals from tax-exempt retirement plans for a 10-year period without penalty to replace qualified fraudulent investment losses; (4) catch-up contributions to retirement plans to compensate for fraudulent investment losses; and (5) an extension of the limitation period for filing refund claims for overpayments of tax in connection with gifts and bequests of an interest in an investment for which there is a qualified fraudulent investment loss. Defines "qualified fraudulent investment loss" as a loss discovered in 2008 or 2009 resulting from a fraudulent arrangement in which a person receives cash or property from investors, purports to earn income for investors, reports partially or wholly fictitious income to such investors, makes payments to some investors from payments made by other investors, and appropriates some or all of the investors' cash or property. Waives for a one-year period after the enactment of this Act the application of any law or rule of law (including res judicata) which prevents any credit or refund otherwise allowed by this Act.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

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A “Nay” vote

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What does this mean? (plain words)

Official text

Ponzi Scheme Victims' Tax Relief Act of 2011

Source: Congressional Research Service summary (Introduced in House)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Pascrell, Bill, Jr. [D-NJ-8] · 23 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Pete Sessions (R-TX), Peter Welch (D-VT), James A. Himes (D-CT), Bill Cassidy (R-LA), Gwen Moore (D-WI), Adam B. Schiff (D-CA)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)

Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112hr1635.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/hr>

Record fed-us-cong112-hr1635 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112