Tax Payment Clarification Act

Senate Bill 2998 - Tax Payment Clarification Act: Overview, Status, and Impact

Hozzl · 2022-10-28T01:46:01Z

Explore the details of Senate Bill 2998 Tax Payment Clarification Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

10/28/2022, 1:46 AM

Congressional Summary of S 2998

Tax Payment Clarification Act

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.

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Current Status of Bill S 2998

Bill S 2998 is currently in the status of Bill Introduced since December 9, 2019. Bill S 2998 was introduced during Congress 116 and was introduced to the Senate on December 9, 2019. Bill S 2998's most recent activity was Read twice and referred to the Committee on Finance. as of December 9, 2019

Bipartisan Support of Bill S 2998

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 2998

Primary Policy Focus

Taxation

Potential Impact Areas

- Income tax credits

- Income tax deferral

- Interest, dividends, interest rates

- Tax administration and collection, taxpayers

- Taxation of foreign income

Alternate Title(s) of Bill S 2998

Tax Payment Clarification Act

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.