Claims Resolution Act of 2010

Post Date: 12/8/10
Last Updated: 12/8/10

Summary

On December 8, 2010, the President signed into law the Claims Resolution Act of 2010. This law provides restitution payments relating to various claims by Native Americans and certain African American farmers. For purposes of the Internal Revenue Code, any amounts received by an individual as a lump sum or a periodic payment under this act is not included in gross income, nor is it taken into consideration for purposes of applying any provision of the code that takes into account excludable income in computing adjusted gross income or modified adjusted gross income, including the computation of taxable Social Security and tier 1 railroad retirement benefits.
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