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Managing America: Taxes

TheWeekInCongress.com (TM)

Week Ending April 20, 2006

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.

"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, " explains the Congressional Research Service. Taxpayer in the $5 million bracket can consider that their tax debt estimate if the required percentage of their estimated tax liability.

Sponsor:  Rep. Eleanor Holmes Norton (D-DC)

Vote: Passed House 216 to 203 April 19, 2007 (RC 232)

Cost to the taxpayers: No discernible cost

Earmark Certification:   Not applicable to this bill.

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