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 provide that any written interpretation of a tax law which is issued by the Internal Revenue Service to a taxpayer shall be binding unless: (1) legislation enacted after the date of the written interpretation renders such interpretation inapplicable; (2) the interpretation is revoked; or (3) the facts upon which such interpretation was based have materially changed.

Prohibits the revocation of a written interpretation from taking retroactive effect.

Renders void any written interpretation which is based on false or misleading facts submitted by the taxpayer.