Amends the Internal Revenue Code to: (1) exclude from gross income interest paid on any overpayment of income tax by individuals; (2) allow a taxpayer to make cash deposits to pay any tax not yet assessed (in order to suspend the running of interest on any potential future underpayments); and (3) permit partial collection of tax liability in installment agreements (currently allowed only for full collections).
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Sponsor introductory remarks on measure. (CR E416-417)
Mr. Shaw moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H2413-2422)
DEBATE - The House proceeded with forty minutes of debate on H.R. 4069.
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Considered as unfinished business. (consideration: CR H2427-2428)
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 418 - 0 (Roll no. 160).(text: CR H2413-2414)
Roll Call #160 (House)Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 418 - 0 (Roll no. 160). (text: CR H2413-2414)
Roll Call #160 (House)The title of the measure was amended. Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Finance.
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