S. 687 — Introduced in Senate

II 116th CONGRESS 1st Session S. 687 IN THE SENATE OF THE UNITED STATES March 6, 2019Mrs. Gillibrand introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To provide for a temporary safe harbor for certain failures by individuals to pay estimated income tax. 1. Short title This Act may be cited as the Taxpayer Penalty Protection Act of 2019. 2. Temporary safe harbor for failure by individuals to pay estimated income tax In the case of a taxable year beginning in 2018— (1) In general Section 6654(d)(1)(B) of the Internal Revenue Code of 1986 shall be applied— (A) by substituting 80 percent for 90 percent each place such term appears in clause (i) of such section, and (B) by substituting 80 percent for 100 percent in clause (ii) of such section. (2) Individuals with adjusted gross income of $150,000 In the case of an individual to whom section 6654(d)(1)(C) of such Code would (but for this paragraph) apply, section 6654 of such Code shall be applied without regard to— (A) paragraph (1)(B) of this Act, and (B) section 6654(d)(1)(C) of such Code. (3) Farmers and fishermen Section 6654(i) of such Code shall be applied without regard to this Act.