H.R.1389

To amend the Internal Revenue Code of 1986 to allow a refundable credit for taxes paid on earnings reinvested and lost in a fraudulent investment scheme.

3/9/2009--Introduced.

Fraudulent Tax Relief Act of 2009 - Amends the Internal Revenue Code to allow a refundable tax credit for taxes paid on earnings: (1) from an investment which the taxpayer did not know, and reasonably should not have known, was fraudulent; (2) which were reinvested in such investment; and (3) which remained so reinvested until the fraud was discovered. Makes such tax credit applicable to frauds discovered during 2008.

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