A bill to amend the Internal Revenue Code of 1954 to provide for the withholding of tax on dividends and interest.

Summary

Amends the Internal Revenue Code to require every person who pays interest (on savings accounts or other evidences of indebtedness) or a dividend to deduct and withhold on such interest or dividend a tax equal to 15 percent of the amount thereof. Specifies exceptions to such requirements. Allows any tax so withheld as a credit against the income tax. Exempts from such withholding requirements any interest or dividend paid to individuals and organizations possessing withholding exemption certificates because of limited or no tax liability. Holds any withholding agent required to deduct and withhold taxes liable for the payment of such taxes to the Internal Revenue Service, and to no one else. States that such taxes shall not be collected from a withholding agent if they are paid by the recipient of the income to be taxed, although such agent remains subject to penalties for failure to perform his duty. Excludes from gross income: (1) up to $100 of interest on personal savings; and (2) up to $200 (currently, $100) of any dividends received.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 24 July 1979

  Open at official source

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