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 that interest shall be paid to individual taxpayers on the calendar-year basis who file their income tax returns, pursuant to the provisions of the Internal Revenue Code, before March 1 if the refund check is not mailed out within 30 days after the return is filed. Requires the Internal Revenue Service to inform the individual of the tax and taxable period to which such refund relates and the reason for making such refund.