Code Section 6699

Code Section	Effective Date	Name of Act	Name of Provision	10yr Revenue Estimate ($millions)
6698 and 6699	12/31/2009	The Worker, Homeownership, and Business Assistance Act of 2009²⁹⁷	Modification of Penalty for Failure to File Partnership or S Corporation Returns	1,229

Modification of Penalty for Failure to File Partnership or S Corporation Returns

Explanation of Provision

Under the provision, the base amount on which a penalty is computed for a failure with respect to filing either a partnership or S corporation return is increased to $195 per partner or shareholder.

297- H.R. 3548. The bill passed the House on the suspension calendar on September 22, 2009. The Senate passed the bill with an amendment on November 4, 2009. The House agreed to the Senate amendment on the suspension calendar on November 5, 2009. The President signed the bill on November 6, 2009. For a technical explanation of the bill prepared by the staff of the Joint Committee on Taxation, see Technical Explanation of Certain Revenue Provisions of the ‘‘Worker, Homeownership, and Business Assistance Act of 2009’’ (JCX 44–09), November 3, 2009.
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