A bill to require the Secretary of the Treasury to reduce the amount of any deficiency assessed against a taxpayer by the amount of any credit or refund of any overpayment of tax to which such taxpayer would be entitled but for the expiration of any period of limitation if the Secretary determines an inequity would otherwise result.

Amends the Internal Revenue Code to require the Secretary of the Treasury, if the Secretary determines that an inequity would otherwise result, to offset any deficiency assessed against a taxpayer by the amount of any deficit or refund to which the taxpayer would be entitled except for the expiration of the time period for filing a claim or suit for such credit or refund.