119-hr4826

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4826 Introduced in House

    (IH) ]

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119th CONGRESS
 1st Session
 H. R. 4826

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.

_______________________________________________________________________

 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.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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