,,ii  #aahth ,,congress  #ast ,session  
,s4 #beej  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #bf1     
#bjbc,mr4 ,whitehouse introduced the    
following bill2 which was read twice and
 referred to the ,committee on ,finance 
,a ,,bill  ,to amend the ,internal      
,revenue ,code of #aihf to disallow     
deductions for certain payments relating
 to defamation suits4  #a4 ,short title 
,this ,act may be cited as the ,denying 
,expenditures for ,false ,accusations   
with ,malicious ,effect 7,,defame7 ,act4
  #b4 ,disallowance of deduction for    
certain payments relating to defamation 
suits  7a7 ,in general ,section #afb is 
amended by inserting after subsection   
7h7 the following new subsection3  7i7  
,certain payments relating to defamation
 lawsuits  7#a7 ,in general ,in the case
 of an applicable corporation1 no       
deduction otherwise allowable shall be  
allowed under this chapter for any      
nondeductible defamation payment4  7#b7 
,applicable corporation ,for purposes of

 this subsection1 the term applicable   
corporation means any corporation for   
which the gross income for the preceding
 taxable year exceeds #aj1jjj1jjj1jjj4  
7#c7 ,nondeductible defamation payment  
,for purposes of this subsection-- 7,a7 
,in general ,the term nondeductible     
defamation payment means-- 7i7 any      
applicable defamation suit payment1     
7ii7 any payment for attorneys' fees in 
connection with a suit for which an     
applicable defamation suit payment was  
made1 and  7iii7 so much of any payment 
of an insurance premium which is in     
excess of the amount of such premium    
determined without regard to any suit   
for which an applicable defamation suit 
payment was made4  7,b7 ,applicable     
defamation suit payment ,the term       
applicable defamation suit payment means
 any payment-- 7i7 which is made-- 7,i7 
in connection with a suit for defamation
 which requires proof of actual malice  
to succeed on the merits1 and  7,,ii7   
pursuant to a settlement or court order1

 and  7ii7 which1 when aggregated with  
all other payments described in clause  
7i7 with respect to the same suit1      
exceeds #ejj1jjj1jjj4  4  7b7 ,effective
 date ,the amendment made by this       
section shall apply to payments made    
after ,december #ca1 #bjbb1 in taxable  
years ending after such date4