New Design Coming Soon!

US Congress HR3499

A bill to amend the Internal Revenue Code of 1954 to provide that interest credited on a deposit or account in a bank or other financial institution shall not be included in income if such interest cannot be withdrawn because of a bankruptcy or other insolvency proceeding, to provide that losses suffered by depositors due to bankruptcy or insolvency shall be treated as ordinary losses, and to provide that such losses shall be treated as a business debt.