A bill to amend the Internal Revenue Code of 1986 to provide that the Internal Revenue Service may waive interest on underpayments attributable to retroactive tax legislation.

Amends the Internal Revenue Code to authorize the Secretary of the Treasury to waive interest on income tax underpayments created or increased as a result of retroactive legislation when: (1) requiring the interest payment would be against equity and good conscience; and (2) the interest has accrued within 30 days after the enactment date of the relevant legislation.