A bill to repeal the provision of the Tax Reform Act of 1986 which added a penalty on underpayments of income tax attributable to overstatement of pension liabilities.

Amends the Tax Reform Act of 1986 to repeal the penalty on underpayments of income tax attributable to the overstatement of pension liabilities.

Specifies that the Internal Revenue Code shall be applied and administered as if such provision had not been enacted.