To amend the Internal Revenue Code of 1986 to provide for the abatement or waiver of interest on certain tax deficiencies.

Amends the Internal Revenue Code to require the Secretary of the Treasury to abate any interest attributable to erroneous advice of the Internal Revenue Service.

Requires the Secretary to waive interest on underpayment, nonpayment, or extensions of time for payment, of tax to the extent that the imposition of such interest would be against equity and good conscience.