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Committee reviews proposal to create consumer restitution account for victims of scams; tax treatment clarified
Summary
A bill to establish a consumer-protection restitution account that would hold a portion of collected restitution for distribution to victims received committee consideration; sponsors sought to ensure returned funds are non-taxable and excluded from income calculations for property tax/renter credits.
Senators reviewed a bill to create a consumer protection restitution account intended to return some proceeds recovered from fraud and scam cases to victimized individuals.
Senate File 447 (as amended with an A15 amendment acknowledged in committee) would establish an account to hold a portion of civil recoveries…
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