House Bill 7300
115th Congress(2017-2018)
Taxpayer Penalty Protection Act of 2018
Introduced
Introduced in House on Dec 13, 2018
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
7300
Congress
115
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
No House votes have been held for this bill.
Summary
Taxpayer Penalty Protection Act of 2018
This bill amends the Internal Revenue Code to establish a safe harbor to reduce the amount of estimated income tax that certain taxpayers are required to pay for 2018.
(Under current law, 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%.
December 13, 2018
12/13/2018
Referred to the House Committee on Ways and Means.
12/13/2018
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:40:48 PM