summary
Introduced
12/09/2019
12/09/2019
In Committee
12/09/2019
12/09/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to clarify that payment of taxes on deferred foreign income in installments shall not prevent credit or refund of overpayments or increase estimated taxes. This bill amends the Internal Revenue Code to provide that installment payment of taxes on deferred foreign income shall not prevent a credit or refund of overpayments of tax or an increase in estimated taxes.
AI Summary
This bill amends the Internal Revenue Code to clarify that installment payments of taxes on deferred foreign income shall not prevent a credit or refund of overpayments of tax or an increase in estimated taxes. Specifically, it states that installment payments of this net tax liability cannot be taken into account when determining whether an overpayment exists for the purposes of obtaining a credit or refund, and these installments cannot be treated as a tax liability for the purposes of estimated tax payments. The bill also includes a limitation on the payment of interest related to any overpayment resulting from this change.
Committee Categories
Budget and Finance
Sponsors (5)
Last Action
Read twice and referred to the Committee on Finance. (on 12/09/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/2998/all-info |
| BillText | https://www.congress.gov/116/bills/s2998/BILLS-116s2998is.pdf |
| Bill | https://www.congress.gov/116/bills/s2998/BILLS-116s2998is.pdf.pdf |
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