Editorial Notes
Amendments
1998—Subsec. (c)(2). Pub. L. 105–206, § 3304(b)(1), amended par. (2) generally. Prior to amendment, par. (2) read as follows: “such failure occurs during the 1st quarter that such person was required to deposit any employment tax, and”.
Subsec. (e). Pub. L. 105–206, § 3304(a), added subsec. (e).
Subsec. (e)(1). Pub. L. 105–206, § 3304(c), reenacted heading without change and amended text of par. (1) generally. Prior to amendment, text read as follows: “A person may, with respect to any deposit of tax to be reported on such person’s return for a specified tax period, designate the period or periods within such specified tax period to which the deposit is to be applied for purposes of this section.”
1996—Subsec. (c). Pub. L. 104–168, § 304(a), added subsec. (c).
Subsec. (c)(1). Pub. L. 104–168, § 701(c)(3), substituted “section 7430(c)(4)(A)(ii)” for “section 7430(c)(4)(A)(iii)”.
Subsec. (d). Pub. L. 104–168, § 304(a), added subsec. (d).
1989—Pub. L. 101–239 substituted “taxes” for “taxes or overstatement of deposits” as section catchline and amended text generally, revising substance and structure.
1986—Subsec. (a). Pub. L. 99–509 substituted “10 percent” for “5 percent”.
1981—Pub. L. 97–34, § 724(b)(1), inserted “or overstatement of deposits” after “taxes” in section catchline.
Subsec. (a). Pub. L. 97–34, § 724(b)(3), substituted “Underpayment of deposits” for “Penalty” in heading.
Subsec. (b). Pub. L. 97–34, § 724(a), substituted provisions relating to conditions for imposition of penalties for overstated deposit claims and definition of “overstated deposit claim”, for provisions relating to imposition of penalties after due date for return.
1976—Subsec. (a). Pub. L. 94–455 struck out “or his delegate” after “Secretary”.
1969—Subsec. (a). Pub. L. 91–172 substituted provisions imposing a penalty of five percent for the failure to deposit on the date prescribed any amount of tax imposed by this title, for provisions imposing a penalty of one percent of the amount of underpayment each month but not to exceed six percent in the aggregate.
Statutory Notes and Related Subsidiaries
Effective Date of 1998 Amendment
Pub. L. 105–206, title III, § 3304(d), July 22, 1998, 112 Stat. 742, provided that:
“(1) In general.—
The amendments made by this section [amending this section] shall apply to deposits required to be made after the 180th day after the date of the enactment of this Act [July 22, 1998].
“(2) Application to current liabilities.—
The amendment made by subsection (c) [amending this section] shall apply to deposits required to be made after December 31, 2001.”
Effective Date of 1996 Amendment
Pub. L. 104–168, title III, § 304(b), July 30, 1996, 110 Stat. 1459, provided that:
“The amendment made by subsection (a) [amending this section] shall apply to deposits required to be made after the date of the enactment of this Act [July 30, 1996].”
Amendment by section 701(c)(3) of Pub. L. 104–168 applicable in case of proceedings commenced after July 30, 1996, see section 701(d) of Pub. L. 104–168, set out as a note under section 6404 of this title.
Effective Date of 1986 Amendment
Pub. L. 99–509, title VIII, § 8001(b), Oct. 21, 1986, 100 Stat. 1951, provided that:
“The amendment made by subsection (a) [amending this section] shall apply to penalties assessed after the date of the enactment of this Act [Oct. 21, 1986].”
Effective Date of 1981 Amendment
Pub. L. 97–34, title VII, § 724(c), Aug. 13, 1981, 95 Stat. 345, provided that:
“The amendments made by this section [amending this section and sections
5684 and
5761 of this title] shall apply to returns filed after the date of the enactment of this Act [
Aug. 13, 1981].”