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.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
The bill creates short title This Act may be cited as the Cutting Paperwork for Taxpayers Act, requires interest received on overpayments 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: In the case of an individual, and requires 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. It relies on tax rate changes, compliance mandates, and definition changes. The main policy areas are Business and Finance.
Who Benefits and How
Public beneficiaries or protected communities affected by the clause could face reduced risk and Businesses and employers affected by the bill could face reduced risk.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties and Businesses and employers affected by the bill would take on compliance duties.
Key Provisions
- Creates short title This Act may be cited as the Cutting Paperwork for Taxpayers Act.
- Requires interest received on overpayments 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: In the case of an individual...
- Requires 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...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill creates short title This Act may be cited as the Cutting Paperwork for Taxpayers Act, requires interest received on overpayments 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: In the case of an individual, and requires 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.
Key Policy Areas
Business, Finance
Primary Purpose
The bill creates short title This Act may be cited as the Cutting Paperwork for Taxpayers Act, requires interest received on overpayments 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: In the case of an individual, and requires 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.
Policy Domains
Whole bill
Identified Gains
- Public beneficiaries or protected communities affected by the clause
- Businesses and employers affected by the bill
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
- Businesses and employers affected by the bill
Sponsors
Legislative Progress
IntroducedMs. Spanberger (for herself and Mrs. Kim of California) introduced …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
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