A bill to provide that no interest will be payable for periods before January 1, 1978, on tax deficiencies which are attributable to the receipt of certain disaster relief payments.

Defers the accrual of interest on any deficiency, under the Internal Revenue Code, until January 1, 1978, where such deficiency results from the fact that an individual was allowed a tax deduction for a loss attributable to a disaster and was subsequently deemed to warrant a disaster assistance grant by the Federal Government under the Disaster Relief Act of 1974.