A bill to amend the Internal Revenue Code of 1954 to restrict to 10 percent the maximum rate of interest with respect to certain underpayments of individual income tax where a notice of deficiency was not timely sent.

Amends the Internal Revenue Code to limit to ten percent the maximum rate of interest on certain underpayments of individual income tax where a notice of deficiency was not sent within one year after the later of: (1) the last day for filing of tax returns; or (2) the date such return was filed.