H.R. 6654 — A bill to amend the Internal Revenue Code of 1954 to allow the Secretary of the Treasury to waive the interest penalty for failure to pay estimated income tax, for elderly and retired persons, in certain situations.

Summary

Amends the Internal Revenue Code to authorize the Secretary of the Treasury to prescribe regulations exempting retirees or individuals over age 65 from interest penalties with respect to any underpayment of estimated tax. Requires that such underpayment be due to reasonable cause (defined to include mistake or ignorance of the law) and not to willful neglect.

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Related Legislation

H.R. 4961Tax Equity and Fiscal Responsibility Act of 1982
1982-09-03Became Public Law No: 97-248.
Related
H.R. 7175A bill to amend the Internal Revenue Code of 1954 to allow the Secretary of Treasury to waive the interest penalty for failure to pay estimated income tax for elderly and retired persons, in certain situations.
1982-09-23See H.R.4961.
Related
S. 2267A bill to amend the Internal Revenue Code of 1954 to allow the Secretary of the Treasury to waive the interest penalty for failure to pay estimated income tax, for elderly and retired persons, in certain situations.
1982-03-29Committee on Finance requested executive comment from OMB; Treasury Department.
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Legislative Actions

1982-06-22
Introduced in House
1982-06-22
Introduced in House
1982-06-22
Referred to House Committee on Ways and Means.
1982-08-19
See H.R.4961.

A bill to amend the Internal Revenue Code of 1954 to allow the Secretary of the Treasury to waive the interest penalty for failure to pay estimated income tax, for elderly and retired persons, in certain situations.

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