legislation: 115-hr-7300

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
115-hr-7300 115 hr 7300 Taxpayer Penalty Protection Act of 2018 Taxation 2018-12-13 2018-12-13 Referred to the House Committee on Ways and Means. House Rep. Chu, Judy [D-CA-27] CA D C001080 5 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%. 2023-01-11T13:40:48Z  

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