H.R. 14346 — A bill to amend section 62 of the Internal Revenue Code of 1954 in order to permit penalties incurred because of premature withdrawal of funds from time savings accounts or deposits to be deducted from "gross income" in calculating "adjusted gross income".

Summary

Allows an income tax deduction, under the Internal Revenue Code, for penalties incurred because of the premature withdrawal of funds from time savings accounts or deposits, certificates of deposit, or similar classes of deposit. (Adds 26 U.S.C. 62(10))

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Related Legislation

H.R. 14914A bill to amend section 62 of the Internal Revenue Code of 1954 in order to permit penalties incurred because of premature withdrawal of funds from time savings accounts or deposit to be deducted from gross income in calculating adjusted gross income.
1974-05-21Referred to House Committee on Ways and Means.
Related
H.R. 15591A bill to amend section 62 of the Internal Revenue Code of 1954 in order to permit penalties incurred because of premature withdrawals of funds from time savings accounts or deposits to be deducted from gross income in calculating adjusted gross income.
1974-06-25Referred to House Committee on Ways and Means.
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Legislative Actions

1974-04-24
Introduced in House
1974-04-24
Introduced in House
1974-04-24
Referred to House Committee on Ways and Means.

A bill to amend section 62 of the Internal Revenue Code of 1954 in order to permit penalties incurred because of premature withdrawal of funds from time savings accounts or deposits to be deducted from "gross income" in calculating "adjusted gross income".

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