FAIR Act

Bill: 117-hr-3068
Sponsor: full_name: Rep. Spanberger, Abigail Davis [D-VA-7]
Introduced: 2021-05-07
Policy area: Taxation
Subjects: Income tax exclusion

Interest, dividends, interest rates

Tax administration and collection, taxpayers
Latest action: action_date: 2021-05-07
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-05-07
action_desc: Introduced in House
text: <p><strong>Freeing Americans from Interest on Reimbursements Act or the FAIR Act</strong></p> <p>This bill excludes from gross income, for income tax purposes, any interest allowed and paid upon a tax refund amount.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 3068 IN THE HOUSE OF REPRESENTATIVES May 7, 2021 Ms. 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. .