US HB1300 | 2019-2020 | 116th Congress

Status

Spectrum: Partisan Bill (Democrat 25-0)
Status: Introduced on February 15 2019 - 25% progression, died in committee
Action: 2019-02-15 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Summary

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%.

Tracking Information

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Title

Taxpayer Penalty Protection Act of 2019

Sponsors


History

DateChamberAction
2019-02-15HouseReferred to the House Committee on Ways and Means.
2019-02-15HouseIntroduced in House

Same As/Similar To

SB687 (Same As) 2019-03-06 - Read twice and referred to the Committee on Finance.

Subjects


US Congress State Sources


Bill Comments

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