H.R. 5523 — what changed
Clyde-Hirsch-Sowers RESPECT Act
From Introduced in House to Reported in House. 1 section amended between Introduced in House and Reported in House.
Sec. 3 Exclusion of interest received in action to recover property seized by the Internal Revenue Service based on structuring transaction
In general— Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before section 140 the following new section:
changed
“139F. “139G. Interest paid received in action to recover property seized by the I.R.S. Internal Revenue Service based on structuring transaction
changed
“Gross income shall not include any interest received under section 5317(c)(2) of title 31, United States Code, from the Federal Government in connection with respect to an action to recover property seized by the Internal Revenue Service pursuant to section 5317(c)(2)(A) 5317(c)(2) of such title 31, United States Code, by reason of a claimed violation of section 5324 of such title.”
Clerical amendment— The table of sections for part III of subchapter B of chapter 1 of such Code is amended by inserting before the item relating to section 140 the following new item:
Effective date— The amendments made by this section shall apply to interest received on or after the date of the enactment of this Act.