A bill to amend the Internal Revenue Code of 1954 to provide for the waiver of the payment of interest on income taxes not paid, as a result of a disaster, within the time prescribed for payment.

Amends the Internal Revenue Code to permit the waiver of interest charges on overdue income taxes in the case of any taxpayer who resides in a federally- designated disaster area and who establishes to the satisfaction of the Secretary of the Treasury that late payment of such taxes is due to the disaster.