A bill to amend the Internal Revenue Code of 1954 to provide for judicial review of certain interpretations of the Federal tax laws.

Amends the Internal Revenue Code to grant jurisdiction to the United States Tax Court or any United States district court to enter a declaratory judgment in a controversy involving the issue of whether a tax ruling of the Secretary of the Treasury is in accordance with existing law. Grants standing to bring such action to any United States person whose trade or business is disadvantaged by such ruling, or any taxpayer if such ruling results in a loss of revenue to the United States Treasury. Denies standing to any person who was a party to the proceedings with respect to which such ruling was issued, or any organization if a substantial number of its shareholders were involved in such proceeding. Grants a right of intervention to any individual who would otherwise have standing to petition for a declaratory judgment under this Act.

Requires that the person bringing a petition for a declaratory judgment notify the Secretary of his intentions at least 90 days before the filing of the petition. Requires the Secretary to publish a notice in the Federal Register that such petition has been filed.

Awards attorney's fees to any party bringing a petition who prevails on the merits of the case.

Denies a carryover of income tax credit amounts which would have been disallowed if a tax ruling permitting such credit had been declared illegal by a court under the provisions of this Act.