To provide amnesty from criminal and civil tax penalties for individuals who, within the 6-month amnesty period, notify the Internal Revenue Service of previous nonpayments or underpayments of Federal income tax and pay such underpayments in full.

Summary

Provides that an individual shall not be liable for any criminal or civil penalty or additional amount of tax respecting any underpayment of Federal income tax for any taxable year, subject to stated exceptions, if, during the amnesty period, such individual: (1) files a written statement with the Secretary of the Treasury; and (2) agrees to a waiver of any restriction on the assessment or collection of such underpayment. Requires that an individual pay: (1) the amount of underpayment shown on such statement; and (2) the full amount of the interest payable respecting such underpayment not later than 90 days after notification by the Secretary of the amount of such interest or any other date agreed to by the Secretary and the individual before the end of the 90-day period. Limits provisions for which amnesty is available to underpayments of Federal income tax for taxable years ending before January 1994.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 20 July 1995

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• Introduced in House (PDF)

  Introduced in House · EN · 20 July 1995

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• Introduced in House

  summary · EN · 20 July 1995

  Open at official source

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