Summary: H.R.2031 — 99th Congress (1985-1986)All Information (Except Text)

There is one summary for H.R.2031. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (04/15/1985)

Federal Tax Delinquency Amnesty Act of 1985 - Provides for a one-time amnesty from criminal and civil tax penalties for a taxpayer who: (1) files a written statement with specified information concerning any underpayment of tax; (2) pays the amount of such underpayment when filing the statement; and (3) within 30 days of notification of 50 percent of the amount of interest payable on any tax delinquent amount, pays the amount of such interest or delinquency. Permits installment payments in certain cases.

Defines the amnesty period as the period from July 1, 1985, to December 31, 1985, or the six-month period beginning the first July 1 after the enactment of this Act. Applies such amnesty to all payments relating to tax years ending by December 31, 1983, or taxable events occurring before January 1, 1984.

Disallows such amnesty where: (1) the taxpayer was contacted before a statement was filed; (2) there was fraud in seeking amnesty; (3) a criminal investigation is pending; or (4) the income involved is illegal source income.

Authorizes appropriations to administer such amnesty program and to employ 3,000 additional Internal Revenue Service agents.

Increases criminal and civil tax penalties by 50 percent.