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Cutting Paperwork for Taxpayers Act
To amend the Internal Revenue Code of 1986 to exclude from gross income any interest paid on an overpayment of tax in the case of an individual or small business.
Summary
This Act amends the Internal Revenue Code to exclude from gross income any interest paid on an overpayment of tax. The exclusion applies to individuals and eligible small businesses. The change allows taxpayers who receive interest on overpayments to exclude that interest from their taxable income. The amendments apply to taxable years beginning after the Act's enactment.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
1 cosponsor
- Rep. Kim, Young [R-CA-40] (R-CA)
Actions (2)
- Jul 29, 2025 Referred to the House Committee on Ways and Means. · house
- Jul 29, 2025 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
July 29, 2025
Mr. Vindman (for himself and Mrs. Kim) 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 in the case of an individual or small business.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Cutting Paperwork for Taxpayers Act”.
SEC. 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:
“SEC. 139J. INTEREST RECEIVED ON TAX OVERPAYMENTS.
“In the case of an individual or an eligible small business described in section 44(b)(1), gross income shall not include any interest allowed and paid upon an overpayment of tax pursuant to section 6611.”.
(b) 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:
“139J. Interest received on tax overpayments.”.
(c) Effective Date.—The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this section. <all>
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