A bill to amend section 62 of the Internal Revenue Code of 1954 in order to permit penalties incurred because of premature withdrawal of funds from time savings accounts or deposit to be deducted from gross income in calculating adjusted gross income.

referredUnited States· United States Congress· EN

Introduced

21 May 1974

Last action

—

Status

Referred to House Committee on Ways and Means.

Summary

Allows an income tax deduction, under the Internal Revenue Code, for penalties incurred because of the premature withdrawal of funds from time savings accounts or deposits, certificates of deposit, or similar classes of deposit. (Adds 26 U.S.C. 62(10))

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Documents

1 official file

Introduced in House
summary · EN · 21 May 1974
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/93rd-congress/house-bill/14914
Open data entity: https://api.congress.gov/v3/bill/93/hr/14914