Taxpayer Penalty Protection Act of 2019

Summary

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%.

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Timeline

1. 6 March 2019

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 6 March 2019

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 6 March 2019 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 6 March 2019

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 6 March 2019

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 6 March 2019

  Open at official source

Sponsors

• Kirsten Gillibrand · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → Taxpayer Penalty Protection Act of 2019