HR 14346 · 93th Congress · Interest rates

A bill to amend section 62 of the Internal Revenue Code of 1954 in order to permit penalties incurred because of premature withdrawal of funds from time savings accounts or deposits to be deducted from "gross income" in calculating "adjusted gross income".

Introduced 1974-04-24· Sponsored by Rep. Fuqua, Don [D-FL-2]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Ways and Means.(1974-04-24)

Plain Language Summary

[AI summary unavailable — showing source text] Allows an income tax deduction, under the Internal Revenue Code, for penalties incurred because of the premature withdrawal of funds from time savings accounts or deposits, certificates of deposit, or similar classes of deposit. (Adds 26 U.S.C. 62(10))…

Summarized by Claude AI · Non-partisan · For informational purposes only