A bill to repeal the provisions of the Tax Equity and Fiscal Responsibility Act of 1982 relating to withholding on interest and dividends, to amend the Internal Revenue Code of 1954 to require additional information in statements required to be furnished to persons receiving interest or dividends and to increase the amounts of the additions to tax for failure to report, or pay the tax on, income in the form of interest and dividends, and for other purposes.

Summary

Repeals provisions of the Tax Equity and Fiscal Responsibility Act of 1982 which require the withholding of tax on interest and dividends. Amends the Internal Revenue Code to specify additional information which must be included in statements furnished to taxpayers who receive interest or dividend payments. Increases additions to tax and penalties for failure to report interest and dividend income and to pay the tax on such income. Requires the Secretary of the Treasury to modify income tax forms to provide for the separate listing of tax-exempt interest or dividend income. Directs the Secretary to prescribe regulations requiring taxpayers to attach statements of interest and dividend income to their tax returns. Permits the Secretary of the Treasury to correct tax returns which show a different amount of interest or dividend income than that reported by the payor of such income and to assess any resulting tax deficiency.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 24 March 1983

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 24 March 1983

   Introduced

   Introduced in House

   Source: IntroReferral

3. 24 March 1983

   Introduced

   Introduced in House

   Source: IntroReferral

4. 28 July 1983

   Committee

   See H.R.2973.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 24 March 1983

  Open at official source

Sponsors

• Rep. Glickman, Dan [D-KS-4] · D · Sponsor
• Rep. Gekas, George W. [R-PA-17] · R · Sponsor
• Rep. Wortley, George C. [R-NY-27] · R · Sponsor
• Sen. Daschle, Thomas A. [D-SD] · D · Cosponsor
• Sen. Simon, Paul [D-IL] · D · Cosponsor
• Rep. Barnes, Michael D. [D-MD-8] · D · Cosponsor
• Rep. Dyson, Roy [D-MD-1] · D · Cosponsor
• Rep. Jacobs, Andrew, Jr. [D-IN-10] · D · Cosponsor
• Rep. Gingrich, Newt [R-GA-6] · R · Cosponsor
• Rep. Bartlett, Steve [R-TX-3] · R · Cosponsor
• · hswm00 · Standing

Related records

• related to ← An act to promote economic revitalization and facilitate expansion of economic opportunities in the Caribbean Basin region, to provide for backup withholding of tax from interest and dividends, and for other purposes.