A bill to preserve the right of Government employees to credits or refunds for overpayment of income taxes resulting from the failure to exclude, in returns for certain prior years, amounts withheld for retirement.

Provides, under the Internal Revenue Code, that if a refund or credit of an overpayment, resulting from a taxpayer's failure to exclude amounts withheld for retirement, was not prevented on January 1, 1973, by the limitations relating to credits and refunds, or by operation of any other law, then a refund or credit of such payment may be allowed when a claim therefor is filed.