A bill to amend the Internal Revenue Code of 1986 to impose a tax on specified settlement fund payments, and for other purposes.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 4616 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 4616 To amend the Internal Revenue Code of 1986 to impose a tax on specified settlement fund payments, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES May 21, 2026 Mr. Wyden (for himself and Mr. Schumer) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to impose a tax on specified settlement fund payments, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Stop Letting United States Heads Funnel Unauthorized Nontransparent Dollars Act of 2026'' or the ``SLUSH FUND Act of 2026''. SEC. 2. IMPOSITION OF TAX ON SPECIFIED SETTLEMENT FUND PAYMENTS. (a) In General.--Subtitle D of the Internal Revenue Code of 1986 is amended by adding at the end the following new chapter: ``CHAPTER 50B--SPECIFIED SETTLEMENT FUND PAYMENTS ``Sec. 5000E. Imposition of tax on specified settlement fund payments. ``SEC. 5000E. IMPOSITION OF TAX ON SPECIFIED SETTLEMENT FUND PAYMENTS. ``(a) In General.--There is hereby imposed on any taxpayer for any taxable year a tax equal to 100 percent of any specified settlement fund payment received by such taxpayer during such taxable year. ``(b) Specified Settlement Fund Payment.--For purposes of this section-- ``(1) In general.--The term `specified settlement fund payment' means, with respect to any taxpayer for any taxable year, any amount received by such taxpayer during such taxable year from any fund, trust, or account the assets of which are derived from the outcome (whether by settlement, verdict, or otherwise) of any