A bill to amend the Internal Revenue Code of 1954 to allow a credit against income taxes for expenses incurred as a result of an income tax audit, in any case in which the taxpayer is not liable for more taxes as the result of such audit.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow taxpayers an income tax credit for all ordinary and necessary expenses which such taxpayers incur in connection with an audit or a final judicial determination of their tax liability, if such audit or determination establishes that there is no tax deficiency. Disallows an income tax deduction for any audit expenses for which a credit is claimed under the provisions of this Act.…