A bill to amend the Internal Revenue Code of 1954 to provide that interest shall be paid to individual taxpayers on the calendar-year basis who file their returns before March 1 if the refund check is not mailed out within 30 days after the return is filed, and to require the Internal Revenue Service to give certain information when making refunds.

Provides, under the Internal Revenue Code, that if an individual files his return for a taxable year before March 1 and if the refund of any overpayment of such tax is not made within 30 days after filing then interest shall be allowed on such overpayment for the period beginning on the date he filed such return and ending on whichever of the following is the earlier: (1) the date the refund check is mailed, or (2) the first date on which interest on such overpayment is allowed.

Requires that whenever any refund is made to a taxpayer, the taxpayer shall be notified of: (1) the tax and the taxable period to which such refund is attributable, and (2) the reason for making such refund.