HR 16039 · 93th Congress · Taxation

A bill to amend the Internal Revenue Code of 1954, to provide that penalties incurred on account of premature withdrawal of funds from time savings accounts be allowed as a deduction from gross income in computing adjusted gross income.

Introduced 1974-07-22· Sponsored by Rep. Schneebeli, Herman T. [R-PA-17]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Ways and Means.(1974-07-22)

Plain Language Summary

[AI summary unavailable — showing source text] Provides, under the Internal Revenue Code of 1954 that penalties incurred on account of premature withdrawal of funds from time savings accounts shall be allowed as a deduction from gross income in computing adjusted gross income.…

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