H.R. 4826

119 HR 4826 IH: Cutting Paperwork for Taxpayers Act
 U.S. House of Representatives
 2025-07-29
 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.
 I  119th CONGRESS  1st Session  H. R. 4826  IN THE HOUSE OF REPRESENTATIVES   July 29, 2025   Mr. Vindman  (for himself and  Mrs. Kim ) 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 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.