I 111th CONGRESS 1st Session H. R. 735 IN THE HOUSE OF REPRESENTATIVES January 28, 2009 Mr. Carter 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 provide that penalties and interest will not be imposed on individuals who are citizens of the United States.

1.

Short title

This Act may be cited as the Rangel Rule Act of 2009.

2.

Penalties and interest not imposed on individuals who are citizens of the United States

(a)

In general

Chapter 77 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:

7529.

United states citizens exempt from penalties and interest

Any individual who is a citizen of the United States and who writes Rangel Rule on the top of the first page of the return of tax imposed by chapter 1 for any taxable year shall be exempt from any requirement to pay interest, and from any penalty, addition to tax, or additional amount, with respect to such return.

. (b)

Clerical amendment

The table of sections for such chapter is amended by adding at the end the following new item: Sec. 7529. United states citizens exempt from penalties and interest..