S. 687 · 116th Congress
Taxpayer Penalty Protection Act of 2019
- Stage
- In committee
- Sponsor
- Kirsten Gillibrand
- Introduced
- 2019-03-06
- Latest action
- 2019-03-06 · Introduced in Senate
Summary
Taxpayer Penalty Protection Act of 2019
This bill reduces the amount of estimated income tax that certain taxpayers are required to pay for 2018.
Presently, a penalty applies if taxpayers do not use either withholding or estimated tax payments to make a required annual payment before the end of the year. The required payment is the lesser of 90% of the tax for the taxable year or a specified percentage of the preceding year's tax.
For 2018, the bill reduces the percentage of the preceding year's tax from 100% to 80%. For taxpayers with adjusted gross incomes for the preceding year that exceed $150,000, the bill reduces the percentage from 110% to 100%.