Increases the threshold amount of understated income tax above which a penalty applies.

Summary

Digest: The Act makes the net tax threshold higher for a penalty for stating income tax is lower than it is really is. (Flesch Readability Score: 69.1). Increases the threshold amount of understated income tax above which a penalty applies. Applies to tax years beginning on or after January 1, 2025. Takes effect on the 91st day following adjournment sine die.