A bill to amend the Internal Revenue Code of 1954 to provide that individuals will not be required to make declarations of estimated tax if the amount of estimated tax is less than $500.

Amends the Internal Revenue Code to exempt taxpayers from a declaration of estimated income tax liability if the estimated amount of such liability is less than $500. Exempts the taxpayer from the addition to tax for failure to pay estimated income tax if the amount of such tax is less than $500.