To amend the Internal Revenue Code of 1986 to adjust the estimated tax payment safe harbor based on income for the preceding year in the case of individuals with adjusted gross income greater than $5 million.
Committees
House Ways and Means
Bill Summary
Amends the Internal Revenue Code to increase (from 110% to 110.1%) the estimated tax payment safe harbor percentage for determining the amount of estimated tax payable by individual taxpayers whose adjusted gross income for the preceding taxable year exceeds $5 million.
To amend the Internal Revenue Code of 1986 to adjust the estimated tax payment safe harbor based on income for the preceding year in the case of individuals with adjusted gross income greater than $5 million.
Amends the Internal Revenue Code to increase (from 110% to 110.1%) the estimated tax payment safe harbor percentage for determining the amount of estimated tax payable by individual taxpayers whose adjusted gross income for the preceding taxable year exceeds $5 million.