To extend the time for payment of certain taxes under the internal revenue laws for taxpayers in States in which one-third or more of the depository institutions have been simultaneously closed for a period of at least 5 days, and for other purposes.

Allows taxpayers whose deposits have been frozen due to a State bank holiday of at least five consecutive business days to defer the payment of certain taxes until the earlier of April 15, 1992, or the date which is 30 days after the frozen deposits become available.

Extends the period of time applicable to the rollover of gain on the sale of a principal residence for certain taxpayers who have substantial frozen deposits after the date of sale of the old residence. Limits such time to not more than five years after such sale.

Exempts from the excise tax on excess accumulations in qualified retirement plans amounts required to be distributed that are frozen deposits.