§ 6622. Interest compounded daily

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1982

   Pub. L. 97–248 title III § 344(a) · 96 Stat. 324

   Enacted · 26 U.S.C. § 6622

   (Added Pub. L. 97–248, title III, § 344(a), Sept. 3, 1982, 96 Stat. 635.)

   Source evidence

   Code source credit
   (Added Pub. L. 97–248, title III, § 344(a), Sept. 3, 1982, 96 Stat. 635.)

   Enacted provision · exact public law section
   (a) In General.— Subchapter C of chapter 67 (relating to determination of rate of interest) is amended by adding at the end thereof the following new section: “SEC. 6622. INTEREST COMPOUNDED DAILY. “(a) General Rule.— In computing the amount of any interest required to be paid under this title or sections 1961(c)(1) or 2411 of title 28, United States Code, by the Secretary or by the taxpayer, or any other amount determined by reference to such amount of interest, such interest and such amount shall be compounded daily. “(b) Exception for Penalty for Failure to File Estimated Tax.— Subsection (a) shall not apply for purposes of computing the amount of any addition to tax under section 6654 or 6655.”

1 of 1 references resolved to an enrolled provision