116th CONGRESS 2d Session |
To amend the Internal Revenue Code of 1986 to exclude from gross income any interest paid on an overpayment of tax.
September 29, 2020
Ms. Spanberger (for herself and Mr. Rodney Davis of Illinois) introduced the following bill; which was referred to the Committee on Ways and Means
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 Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Freeing Americans’ Interest Reimbursements From Improper Governmental Holdover Taxes Act” or the “FAIR FIGHT Act”.
SEC. 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:
“SEC. 139I. Interest received on tax overpayments.
“Gross income shall not include any interest allowed and paid upon an overpayment of tax pursuant to section 6611.”.
(b) Applicability.—The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this section.
(c) 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:
“139I. Interest received on tax overpayments.”.