Wikipedia-

"If enforcement action is taken by the FAA against an accidental rule violation that did not result in an accident, a reporter can present their ASRS form as proof that the incident was reported. The FAA views the report as evidence of a "constructive safety attitude" and will not impose a penalty [1]. Immunity can be exercised once every five years, though an unlimited number of reports can be filed."

The reference in the article refers to NASA's ASRS website, where it officially says the same thing.