A bill to amend the Internal Revenue Code of 1954 to provide that any written interpretation of a tax law which is issued by the Internal Revenue Service to a taxpayer shall be binding with respect to such taxpayer until the Internal Revenue Service revokes the interpretation.

Amends the Internal Revenue Code to stipulate that in the case of any taxpayer to whom the Secretary of the Treasury or his delegate has issued a written determination with respect to any transaction or series of transactions the provisions of the Internal Revenue Code shall be applied with respect to such transaction or series of transactions in accordance with such interpretation unless: (1) such interpretation is no longer applicable by reason of a law enacted after such interpretation; (2) the taxpayer is notified by the Secretary that such determination has been revoked; or (3) there has been a material change in the facts upon which such determination was based.

States that no revocation by the Secretary shall apply to transactions occurring prior to the date of the revocation.