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.

openUnited States· United States Congress· EN

Introduced

24 March 1982

Last action

—

Status

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

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.

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Documents

1 official file

Introduced in Senate
summary · EN · 24 March 1982
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/97th-congress/senate-bill/2267
Open data entity: https://api.congress.gov/v3/bill/97/s/2267