WAIVER OF EXCISE TAX ON FAILURE TO PAY LIQUIDITY SHORTFALL.

SEC. 1464. WAIVER OF EXCISE TAX ON FAILURE TO PAY LIQUIDITY SHORTFALL. (a) In General.— Section 4971(f) (relating to failure to pay liquidity shortfall) is amended by adding at the end the following new paragraph: “(4) Waiver by secretary.— If the taxpayer establishes to the satisfaction of the Secretary that— “(A) the liquidity shortfall described in paragraph (1) was due to reasonable cause and not willful neglect, and “(B) reasonable steps have been taken to remedy such liquidity shortfall,110 STAT. 1825 the Secretary may waive all or part of the tax imposed by this subsection.”. (b) Effective Date.— The amendment made by this section shall take effect as if included in the amendment made by clause (ii) of section 751(a)(9)(B) of the Retirement Protection Act of 1994 (108 Stat. 5020).