H.R. 3068 — Introduced in House

I 117th CONGRESS 1st Session H. R. 3068 IN THE HOUSE OF REPRESENTATIVES May 7, 2021Ms. Spanberger (for herself and Mr. Rodney Davis of Illinois) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to exclude from gross income any interest paid on an overpayment of tax. 1. Short title This Act may be cited as the Freeing Americans from Interest on Reimbursements Act or the FAIR Act. 2. Interest received on overpayments (a) In general Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before section 140 the following new section: 139I. Interest received on tax overpayments Gross income shall not include any interest allowed and paid upon an overpayment of tax pursuant to section 6611. . (b) Applicability The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this section. (c) Clerical amendment The table of contents for Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before the item relating to section 140 the following new item: 139I. Interest received on tax overpayments. .