HR 3946 · 94th Congress · Taxation

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 deposit to be deducted from gross income in calculating adjusted gross income.

Introduced 1975-02-27· Sponsored by Rep. Frey, Lou, Jr. [R-FL-9]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Ways and Means.(1975-02-27)

Plain Language Summary

[AI summary unavailable — showing source text] Allows a deduction from gross income under the Internal Revenue Code for penalties incurred because of premature withdrawal of funds from time savings accounts or deposits.…

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