An estimated tax underpayment penalty will not be imposed against taxpayers who underpay their estimated California personal income taxes to the extent that the underpayment was created or increased as a result of the personal income tax rate increases just approved by the voters with the passage of Proposition 30 (TAXDAY,2012/11/08, S.5 ). California law contains a safe-harbor provision for underpayments resulting from any provisionof law that is chaptered during and operative for the taxable year of the underpayment. (Cal Rev. & Tax Code§19136(2)(g)(1)) Consequently, taxpayers will not be required to make any catch-up payments.
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