Plain English summary not yet available
The full original text is available below. Check back soon as we process this bill.
I
117TH CONGRESS
1ST SESSION H. R. 3068
To amend the Internal Revenue Code of 1986 to exclude from gross income
any interest paid on an overpayment of tax.
IN THE HOUSE OF REPRESENTATIVES
MAY 7, 2021
Ms. SPANBERGER (for herself and Mr. RODNEY DAVIS of Illinois) introduced
the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to exclude
from gross income any interest paid on an overpayment
of tax.
Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. SHORT TITLE.
3
This Act may be cited as the ‘‘Freeing Americans
4
from Interest on Reimbursements Act’’ or the ‘‘FAIR
5
Act’’.
6
SEC. 2. INTEREST RECEIVED ON OVERPAYMENTS.
7
(a) IN GENERAL.—Part III of subchapter B of chap-
8
ter 1 of the Internal Revenue Code of 1986 is amended
9
by inserting before section 140 the following new section:
10
VerDate Sep 11 2014
03:11 Jun 10, 2021
Jkt 019200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H3068.IH
H3068
kjohnson on DSK79L0C42PROD with BILLS
2
•HR 3068 IH
‘‘SEC. 139I. INTEREST RECEIVED ON TAX OVERPAYMENTS.
1
‘‘Gross income shall not include any interest allowed
2
and paid upon an overpayment of tax pursuant to section
3
6611.’’.
4
(b) APPLICABILITY.—The amendments made by this
5
section shall apply to taxable years beginning after the
6
date of the enactment of this section.
7
(c) CLERICAL AMENDMENT.—The table of contents
8
for Part III of subchapter B of chapter 1 of the Internal
9
Revenue Code of 1986 is amended by inserting before the
10
item relating to section 140 the following new item:
11
‘‘139I. Interest received on tax overpayments.’’.
Æ
VerDate Sep 11 2014
03:11 Jun 10, 2021
Jkt 019200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6301
E:\BILLS\H3068.IH
H3068
kjohnson on DSK79L0C42PROD with BILLS