Assesses a separate tax on distributions from designated settlement funds

Summary

The bill adds a new tax that takes the full amount of any payment a resident individual, estate, or trust receives from a designated federal settlement fund. The tax cannot be reduced by any deduction, exemption, or credit. It would apply each year the distribution is received and takes effect immediately if passed.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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