110 HR 1906 IH: To amend the Internal Revenue Code of 1986 to adjust the U.S. House of Representatives 2007-04-18 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 1st Session H. R. 1906 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.

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.