S.4761

Tax Court Parity Act clarifies the authority of the Tax Court to order relief from a judgment or order.

The Tax Court Parity Act amends the Internal Revenue Code to clarify the authority of the Tax Court to order relief from a judgment or order. It specifies that relief may be granted for reasons such as mistake, newly discovered evidence, fraud, or other circumstances where justice requires. The act also outlines the timing and effect of motions for relief and allows the Tax Court to correct clerical mistakes or oversights in its records. Additionally, it grants appellate court jurisdiction over relief granted by the Tax Court.