To amend the Internal Revenue Code of 1986 to permit taxpayers to elect to pay tax shown on return in installments.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to permit an individual taxpayer who files a timely return to elect to pay part or all of his or her income tax liability in three equal installments. Makes the entire amount of unpaid tax due and payable upon the notice and demand of the Secretary of the Treasury when an installment is not timely paid. Authorizes the Secretary to enter into a written agreement with a taxpayer under which the taxpayer may pay any tax liability in installments when the Secretary determines that the agreement will facilitate collection of the tax.…