Interest and Dividend Tax Compliance Improvement Act of 1983

Summary

Interest and Dividend Tax Compliance Improvement Act of 1983 - Amends the Tax Equity and Fiscal Responsibility Act of 1982 to delay until 1988 the implementation of withholding of tax on interest, dividends, and patronage dividends. Requires the Comptroller General to conduct a study to determine if compliance with respect to the payment of taxes on interest and dividends may be accomplished without a full-scale withholding system. Requires taxpayers who file more than 50 returns reporting interest and dividend income to file such returns on magnetic tape. Imposes a $25 penalty for each failure to supply correct taxpayer identification numbers on interest and dividend returns. Requires taxpayers who receive statements of interest and dividend income to furnish duplicates of such statements with their tax returns. Imposes an excise tax on any person who makes payment of interest, dividends, or patronage dividends. Requires that revenues from such tax be used solely for IRS investigations and collections.

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1 official file

• Introduced in Senate

  summary · EN · 11 March 1983

  Open at official source

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