Page:United States Statutes at Large Volume 95.djvu/366

 95 STAT. 340

PUBLIC LAW 97-34—AUG. 13, 1981

TITLE VII—ADMINISTRATIVE PROVISIONS Subtitle A—Prohibition of Disclosure of Audit Methods 26 USC 6103.

26 USC 6103 "°^

SEC. 701. PROHIBITION OF DISCLOSURE OF METHODS FOR SELECTION OF TAX RETURNS FOR AUDITS. (a) GENERAL RULE.—Paragraph (2) of section 6103(b) (defining return information) is amended by adding at the end thereof the following new sentence: "Nothing in the preceding sentence, or in any other provision of law, shall be construed to require the disclosure of standards used or to be used for the selection of returns for examination, or data used or to be used for determining such standards, if the Secretary determines that such disclosure will seriously impair assessment, collection, or enforcement under the internal revenue laws." (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply to disclosures after July 19, 1981.

Subtitle B—Changes in Interest Rate for Overpayments and Underpayments SEC. 711. CHANGES IN RATE OF INTEREST FOR OVERPAYMENTS AND UNDERPAYMENTS. (a) ANNUAL ADJUSTMENT TO RATE OP INTEREST.—Subsection (b) of

26 USC 6621.

section 6621 (relating to adjustment of interest rate) is amended by striking out the last sentence thereof. (b) RATE OP INTEREST TO BE BASED ON 100 PERCENT OP PRIME

RATE.—Subsection (c) of section 6621 is amended by striking out "90 percent of. (c) NEW RATE TO TAKE EFFECT ON JANUARY 1 OP EACH YEAR AFTER

1982.—Subsection (b) of section 6621 is amended by striking out "February 1" and inserting in lieu thereof "January 1. 26 USC 6621

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(d) EFFECTIVE DATES.— (1) FOR SUBSECTIONS (a) AND (b).—The amendments made by

subsections (a) and (b) shall apply to adjustments made after the date of the enactment of this Act. (2) FOR SUBSECTION (O.—The amendment made by subsection (c) shall apply to adjustments made for periods after 1982.

Subtitle C—Changes in Certain Penalties and in Requirements Relating to Returns 26 USC 6682.

SEC. 721. CHANGES IN PENALTIES FOR FALSE INFORMATION WITH RESPECT TO WITHHOLDING. (a) CIVIL PENALTY.—Section 6682 (relating to false information with respect to withholding allowances based on itemized deductions) is amended to read as follows:

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