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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.
U.S. Congress - Text of H.R.1906 as Introduced in House To amend the Internal Revenue Code of 1986 to adjust the estimated tax payment safe har...
