CERTAIN NOTICES DISREGARDED UNDER PROVISION INCREASING INTEREST RATE ON LARGE CORPORATE UNDERPAYMENTS.

SEC. 1463. CERTAIN NOTICES DISREGARDED UNDER PROVISION INCREASING INTEREST RATE ON LARGE CORPORATE UNDERPAYMENTS. (a) General Rule.—Subparagraph (B) of section 6621(c)(2) (defining applicable date) is amended by adding at the end the following new clause: “(iii) Exception for letters or notices involving small amounts.—For purposes of this paragraph, any letter or notice shall be disregarded if the amount of the deficiency or proposed deficiency (or the assessment or proposed assessment) set forth in such letter or notice is not greater than $100,000 (determined by not taking into account any interest, penalties, or additions to tax).”.111 STAT. 1058 (b) Effective Date.—The amendment made by subsection (a) shall apply for purposes of determining interest for periods after December 31, 1997.