S 2267
97th Congress
Senate
Taxation
Income tax
Social Welfare
Tax administration
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.
Introduced: March 24, 1982
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 29, 1982
Committee on Finance requested executive comment from OMB; Treasury Department.
Mar 24, 1982
Read twice and referred to the Committee on Finance.
Mar 24, 1982
Introduced in Senate
Plain-English 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.
What's happening now
Committee on Finance requested executive comment from OMB; Treasury Department.
Committees of jurisdiction
1
Cosponsors
1