A bill to amend the Internal Revenue Code of 1954 to allow the Secretary of the Treasury to waive the interest penalty for failure to pay estimated income tax, for elderly and retired persons, in certain situations.

Summary

Amends the Internal Revenue Code to authorize the Secretary of the Treasury to prescribe regulations exempting retirees or individuals over age 65 from interest penalties with respect to any underpayment of estimated tax. Requires that such underpayment be due to reasonable cause (defined to include mistake or ignorance of the law) and not to willful neglect.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 24 March 1982

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 24 March 1982

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 29 March 1982

   Committee

   Committee on Finance requested executive comment from OMB; Treasury Department.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 24 March 1982

  Open at official source

Sponsors

• Sen. Heinz, John [R-PA] · R · Sponsor
• Sen. Cohen, William S. [R-ME] · R · Sponsor
• Sen. Melcher, John [D-MT] · D · Sponsor
• Sen. Pryor, David H. [D-AR] · D · Sponsor
• Sen. Kasten, Robert W., Jr. [R-WI] · R · Sponsor
• Sen. Sarbanes, Paul S. [D-MD] · D · Sponsor
• Sen. Hawkins, Paula [R-FL] · R · Cosponsor
• Sen. Levin, Carl [D-MI] · D · Cosponsor
• Sen. Durenberger, Dave [R-MN] · R · Cosponsor
• Sen. Glenn, John H., Jr. [D-OH] · D · Cosponsor
• Sen. Murkowski, Frank H. [R-AK] · R · Cosponsor
• Sen. Heflin, Howell [D-AL] · D · Cosponsor
• Sen. Specter, Arlen [R-PA] · R · Cosponsor
• Sen. Bentsen, Lloyd M. [D-TX] · D · Cosponsor
• Sen. Grassley, Chuck [R-IA] · R · Cosponsor
• Sen. Chiles, Lawton [D-FL] · D · Cosponsor
• Sen. Exon, J. James [D-NE] · D · Cosponsor
• Sen. Bumpers, Dale [D-AR] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to allow the Secretary of the Treasury to waive the interest penalty for failure to pay estimated income tax, for elderly and retired persons, in certain situations.
• related to → A bill to amend the Internal Revenue Code of 1954 to allow the Secretary of Treasury to waive the interest penalty for failure to pay estimated income tax for elderly and retired persons, in certain situations.