A bill to amend the Internal Revenue Code of 1954 to provide that in the case of individuals who have attained age 65 a declaration of estimated tax shall not be required, and no penalty shall be imposed, where the amount involved is under $500.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exempt individuals age 65 and older from the declaration of estimated tax requirement. Absolves such individuals from a penalty for underpayment of estimated tax if the amount of such tax is less than $500.…