118 HR 2978 IH: Cutting Paperwork for Taxpayers Act U.S. House of Representatives 2023-04-27 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS1st SessionH. R. 2978IN THE HOUSE OF REPRESENTATIVESApril 27, 2023Ms. Spanberger (for herself and Mrs. Kim of California) introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 to exclude from gross income any interest paid on an overpayment of tax in the case of an individual or small business.

1.

Short title

This Act may be cited as the Cutting Paperwork for Taxpayers Act.

2.

Interest received on overpayments

(a)

In general

Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before section 140 the following new section:

139J.

Interest received on tax overpayments

In the case of an individual or an eligible small business described in section 44(b)(1), gross income shall not include any interest allowed and paid upon an overpayment of tax pursuant to section 6611.

.(b)

Clerical amendment

The table of contents for Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before the item relating to section 140 the following new item:139J. Interest received on tax overpayments..(c)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this section.