MODIFICATION OF ESTIMATED TAX SAFE HARBORS.

SEC. 1091. MODIFICATION OF ESTIMATED TAX SAFE HARBORS. (a) In General.—Clause (i) of section 6654(d)(1)(C) (relating to limitation on use of preceding year’s tax) is amended to read as follows: “(i) In general.—If the adjusted gross income shown on the return of the individual for the preceding taxable year beginning in any calendar year exceeds $150,000, clause (ii) of subparagraph (B) shall be applied by substituting the applicable percentage for ‘100 percent’. For purposes of the preceding sentence, the applicable percentage shall be determined in accordance with the following table: “If the preceding taxable year begins in: The applicable percentage is: 1998, 1999, or 2000 105 2001 112 2002 or thereafter 110 This clause shall not apply in the case of a preceding taxable year beginning in calendar year 1997.”. (b) Effective Date.—The amendment made by this section shall apply with respect to any installment payment for taxable years beginning after December 31, 1997.111 STAT. 963