Section 1 Certain fees taken into account as miscellaneous itemized deduction
In general— Section 67(g) of the Internal Revenue Code of 1986 is amended by adding at the end the following: “In the case of any legal fees, or investment fees, paid or incurred by an individual for the production of income or in connection with the performance of services as an employee, which but for the preceding sentence would be taken into account as a miscellaneous itemized deduction under subsection (a) for any such taxable year, the preceding sentence shall not apply.”.
Effective date— The amendment made by this section shall take effect as if included in the enactment of Public Law 115–97.
Definitions— In this section:
Legal fees— The term “legal fees” shall include any fee or expense paid or incurred to establish the basis of a settlement agreement.
Investment fees— The term “investment fees” means any fee or expense paid or incurred for the management of investments.