Taxpayer Penalty Protection Act of 2019
- Last Action
- 2/15/2019
Actions
- 2019-02-15Referred to the House Committee on Ways and Means.
- 2019-02-15Introduced in House
- 2019-02-15Introduced in House
CRS Summary
As of 2019-02-15 (00)
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%.
Cosponsors (20)
- JOHN LEWIS (D-GA)
- Linda Sánchez (D-CA)
- WILLIAM PASCRELL (D-NJ)
- LLOYD DOGGETT (D-TX)
- Jimmy Gomez (D-CA)
- Jimmy Panetta (D-CA)
- Dwight Evans (D-PA)
- Brendan Boyle (D-PA)
- JOHN LARSON (D-CT)
- Terri Sewell (D-AL)
- DANNY DAVIS (D-IL)
- Brian Higgins (D-NY)
- EARL BLUMENAUER (D-OR)
- Steven Horsford (D-NV)
- Thomas Suozzi (D-NY)
- Daniel Kildee (D-MI)
- CAROLYN MALONEY (D-NY)
- Donald Beyer (D-VA)
- Gwen Moore (D-WI)
- Suzan DelBene (D-WA)
Subjects
- Income tax rates
- Interest, dividends, interest rates
- Tax administration and collection, taxpayers
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.