H.R. 5155 — Introduced in House

I 117th CONGRESS 1st Session H. R. 5155 IN THE HOUSE OF REPRESENTATIVES September 3, 2021Ms. Chu introduced the following bill; which was referred to the Committee on Ways and Means 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 2021. 2. Temporary safe harbor for failure by individuals to pay estimated income tax In the case of any taxable year beginning in 2020— (1) In general Section 6654(d)(1)(B) of the Internal Revenue Code of 1986 shall be applied— (A) by substituting 70 percent for 90 percent each place such term appears in clause (i) of such section, and (B) by substituting 70 percent for 100 percent in clause (ii) of such section. (2) Individuals with adjusted gross income in excess of $150,000 Section 6654(d)(1)(C)(i) of such Code shall be applied by substituting 90 percent for 110 percent (and without regard to the substitution made by paragraph (1)(B) of this section). (3) Farmers and fishermen Section 6654(i) of such Code shall be applied without regard to the substitutions made by this section.