Bill Text
110th Congress (2007-2008)
H.R.1906.IH

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{title: 'THOMAS - Bill Text - H.R.1906', link: 'http://thomas.loc.gov/cgi-bin/query/z?c110:H.R.1906.IH:' }

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H.R.1906 -- 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... (Introduced in House - IH)

HR 1906 IH

110th CONGRESS

1st Session

H. R. 1906

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.

IN THE HOUSE OF REPRESENTATIVES

April 18, 2007

Ms. NORTON introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

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.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. ADJUSTMENT OF ESTIMATED TAX PAYMENT SAFE HARBOR FOR INDIVIDUAL TAXPAYERS WITH ADJUSTED GROSS INCOME GREATER THAN $5 MILLION.

    (a) In General- Subparagraph (C) of section 6654(d)(1) of the Internal Revenue Code of 1986 (relating to limitation on use of preceding year's tax) is amended by redesignating clauses (ii) and (iii) as clauses (iii) and (iv), respectively, and by inserting after clause (i) the following new clause:

          `(ii) INDIVIDUAL ADJUSTED GROSS INCOME GREATER THAN $5,000,000- If the adjusted gross income shown on the return of the individual for such preceding taxable year exceeds $5,000,000, clause (i) shall be applied by substituting `110.1' for `110' in the last row of the table therein.'.

    (b) Separate Returns- Clause (iii) of section 6654(d)(1)(C) of such Code, as redesignated by subsection (a), is amended by inserting `and clause (ii) shall be applied by substituting `$2,500,000' for `$5,000,000' before the period at the end.

    (c) Effective Date- The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.


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