1987 Tax Amnesty Act

1987 Tax Amnesty Act - Provides for a one-time tax amnesty from criminal and civil tax penalties for a taxpayer who: (1) files a written statement with specified information concerning any underpayment of tax; (2) pays the amount of such underpayment when filing the statement; and (3) within 30 days of notification of the amount of interest payable on any tax delinquent amount, pays the amount of such interest or delinquency. Permits installment payments in certain cases.

Disallows such amnesty where: (1) the taxpayer was contacted concerning an underpayment and the underpayment was assessed prior to the beginning of the amnesty period; (2) there was fraud in the seeking of amnesty; or (3) a criminal investigation is pending.

Defines the amnesty period as the one-year period beginning on the date of enactment of this Act. Provides that the amnesty provisions apply only to underpayments of Federal tax for taxable periods ending before January 1, 1987.

Requires the Secretary of the Treasury to establish a special account into which funds recovered by such program must be deposited. Specifies that funds deposited in such account shall be used to retire the public debt.