Section 1 Short title
This Act may be cited as the “Taxpayer Penalty Protection Act of 2021”.
Taxpayer Penalty Protection Act of 2021
A BILL
To provide for a temporary safe harbor for certain failures by individuals to pay estimated income tax.
Sec. 2 Temporary safe harbor for failure by individuals to pay estimated income tax
In the case of any taxable year beginning in 2020—
by substituting “70 percent” for “90 percent” each place such term appears in clause (i) of such section, and
by substituting “70 percent” for “100 percent” in clause (ii) of such section.
Individuals with adjusted gross income in excess of $150,000— Section 6654(d)(1)(C)(i) of such Code shall be applied by substituting “90 percent” for “110 percent” (and without regard to the substitution made by paragraph (1)(B) of this section).
Farmers and fishermen— Section 6654(i) of such Code shall be applied without regard to the substitutions made by this section.