The main purpose of this legislative proposal is to change the tax rules regarding interest paid on tax overpayments. Specifically, it aims to exclude this interest from being counted as taxable income for individuals and small businesses. This is intended to simplify the tax process and reduce the financial burden on taxpayers who receive interest on refunds. Key provisions of the proposal include a new section in the Internal Revenue Code that explicitly states that any interest received on an overpayment of taxes will not be included in gross income for tax purposes.