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Tax Relief: Interest on Overpayments Excluded from Income

This act aims to simplify things for individuals and small businesses. If the tax authority returns overpaid tax with interest, that interest will no longer be counted as taxable income. This means you won't pay tax on the money you receive as compensation for overpaying.
Key points
Individuals and small businesses will not pay tax on interest received from tax overpayments.
The change applies to tax years beginning after the act's enactment, leading to real savings for many citizens.
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Additional Information
Print number: 118_HR_2978
Sponsor: Rep. Spanberger, Abigail Davis [D-VA-7]
Process start date: 2023-04-27
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Cutting Paperwork for Taxpayers Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_2978.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-04-27.

What are the main provisions?

Key points include:

  • Individuals and small businesses will not pay tax on interest received from tax overpayments.
  • The change applies to tax years beginning after the act's enactment, leading to real savings for many citizens.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Spanberger, Abigail Davis [D-VA-7].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Taxes