S 687
116th Congress
Senate
Taxation
Income tax rates
Interest, dividends, interest rates
Tax administration and collection, taxpayers
Taxpayer Penalty Protection Act of 2019
Introduced: March 6, 2019
Introduced by:
Gillibrand, Kirsten E.
Democratic
· New York
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 6, 2019
Read twice and referred to the Committee on Finance.
Mar 6, 2019
Introduced in Senate
Plain-English 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%.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1