[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1906 Introduced in House (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.
                                 <all>