Taxpayer Penalty Protection Act of 2018

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%.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 13 December 2018

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• Introduced in House (PDF)

  Introduced in House · EN · 13 December 2018

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• Introduced in House

  summary · EN · 13 December 2018

  Open at official source

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