SAFE Act

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 990 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 990 To amend the Internal Revenue Code of 1986 to allow individuals to avoid a penalty for failure to pay income tax by timely paying 125 percent of the income tax liability for the prior year. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES February 5, 2025 Ms. Chu (for herself and Mr. Carey) 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 allow individuals to avoid a penalty for failure to pay income tax by timely paying 125 percent of the income tax liability for the prior year. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Simplify Automatic Filing Extensions Act'' or the ``SAFE Act''. SEC. 2. NO PENALTY FOR FAILURE TO PAY INCOME TAX FOR INDIVIDUALS WHO TIMELY PAY 125 PERCENT OF INCOME…