Federal Receivership Fairness Act
The source supplies the latest action, but no lifecycle stage.
Latest action (23 Sep 2026): Read twice and referred to the Committee on Finance.
What this bill does
This bill, titled the "Federal Receivership Fairness Act," would allow courts to determine federal tax liabilities for entities in receivership. This would include taxes, fines, penalties, or additions to tax that are unpaid or contested. However, courts would not be able to make determinations if a tax issue was already decided by another court or administrative body before the receivership began, or in certain situations regarding property taxes and tax refunds.
The bill affects entities in receivership, their receivers, and the Internal Revenue Service (IRS). It aims to provide a clear process for resolving tax issues within receivership proceedings. The bill also includes provisions related to waiving sovereign immunity for the IRS in these matters and grants jurisdiction to federal courts to hear tax disputes arising in state or District of Columbia receiverships.
S. 5477 was introduced in the Senate on September 23, 2026, by Senator Todd Young, with Senator Mark Warner as a cosponsor. It has been referred to the Senate Committee on Finance. The bill will proceed through the legislative process, which could include committee hearings and votes, before potentially being considered by the full Senate and then the House of Representatives.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
23 Sep 2026
Read twice and referred to the Committee on Finance.
Common questions
- What does S. 5477 do?
- This bill, titled the "Federal Receivership Fairness Act," would allow courts to determine federal tax liabilities for entities in receivership. This would include taxes, fines, penalties, or additions to tax that are unpaid or contested. However, courts would not be able to make determinations if a tax issue was already decided by another court or administrative body before the receivership began, or in certain situations regarding property taxes and tax refunds. The bill affects entities in receivership, their receivers, and the Internal Revenue Service (IRS). It aims to provide a clear process for resolving tax issues within receivership proceedings. The bill also includes provisions related to waiving sovereign immunity for the IRS in these matters and grants jurisdiction to federal courts to hear tax disputes arising in state or District of Columbia receiverships. S. 5477 was introduced in the Senate on September 23, 2026, by Senator Todd Young, with Senator Mark Warner as a cosponsor. It has been referred to the Senate Committee on Finance. The bill will proceed through the legislative process, which could include committee hearings and votes, before potentially being considered by the full Senate and then the House of Representatives.
- Has S. 5477 become law?
- The source does not supply a confirmed lifecycle stage for S. 5477. Check the latest action and official source below.
- Who sponsored S. 5477?
- S. 5477 was sponsored by Sen. Young, Todd [R-IN] (R-IN), with 1 cosponsor.
- What's the latest action on S. 5477?
- Read twice and referred to the Committee on Finance. (23 Sep 2026).
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