A bill to amend the Internal Revenue Code of 1954 to change the method used to determine the rate of interest on tax deficiencies and overpayments.

Summary

Amends the Internal Revenue Code to redefine the rate of interest on money due to or from the Government to be, in the case of a non-corporate taxpayer, the adjusted rate established by the Secretary of the Treasury, and, in the case of a corporation, 125 percent of the adjusted rate. Redefines the "prime rate charged by banks," by which the Secretary adjusts rate of interest, to be the average predominant prime rate quoted by commercial banks to large business, as determined by the Board of Governors of the Federal Reserve System. Requires the Secretary to establish such adjusted rate by the 15th day of the calendar month following enactment. Provides that the applicable rates shall become effective on the first day of the second month following enactment on all money then due.

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Documents

1 official file

• Introduced in House

  summary · EN · 14 September 1976

  Open at official source

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