Cutting Paperwork for Taxpayers Act
Sponsored By: Representative Rep. Vindman, Eugene Simon [D-VA-7]
Introduced
Summary
Exclude interest paid on tax overpayments from taxable income. The bill would amend the Internal Revenue Code to exclude from gross income any interest allowed and paid on a tax overpayment under section 6611 for individuals and eligible small businesses described in section 44(b)(1). It would add a new Section 139J to Part III of Subchapter B of Chapter 1 and update the table of contents. The exclusion would apply to taxable years beginning after enactment.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Tax-free IRS interest for people and small businesses
If enacted, interest the IRS pays on your tax refund would not be taxed. This would apply to individuals and to eligible small businesses defined in section 44(b)(1). It would cover only interest on tax overpayments paid under section 6611. It would start for tax years that begin after the law is enacted. There is no phase-in or set end date.
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Sponsors & CoSponsors
Sponsor
Rep. Vindman, Eugene Simon [D-VA-7]
VA • D
Cosponsors
Rep. Kim, Young [R-CA-40]
CA • R
Sponsored 7/29/2025
Roll Call Votes
No roll call votes available for this bill.
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