Tweaking Corporate Estimated Tax Payments - More Tax Oddities

H.R. 4380, the United States Manufacturing Enhancement Act of 2010, which passed in the House on July 21 (378 - 43) includes a revenue offset to generate money from yet another change in the time for payment of corporate estimated taxes. H.R. 4380 includes the following change:

"The percentage under paragraph (2) of section 561 of the Hiring Incentives to Restore Employment Act in effect on the date of the enactment of this Act is increased by 0.5 percentage points."

Here is the text of section 561 of the HIRE Act:

"SEC. 561. TIME FOR PAYMENT OF CORPORATE ESTIMATED TAXES.
Notwithstanding section 6655 of the Internal Revenue Code of 1986, in the case of a corporation with assets of not less than $1,000,000,000 (determined as of the end of the preceding taxable year)--
(1) the percentage under paragraph (1) of section 202(b) of the Corporate Estimated Tax Shift Act of 2009 in effect on the date of the enactment of this Act is increased by 23 percentage points,
(2) the amount of any required installment of corporate estimated tax which is otherwise due in July, August, or September of 2015 shall be 121.5 percent of such amount,
(3) the amount of any required installment of corporate estimated tax which is otherwise due in July, August, or September of 2019 shall be 106.5 percent of such amount, and
(4) the amount of the next required installment after an installment referred to in paragraph (2) or (3) shall be appropriately reduced to reflect the amount of the increase by reason of such paragraph."

Problems:

1. Does anyone really know what the estimated tax payment is and when it is higher? Also, HR 4860 is not the only proposal to increase the percentage (see my post of July 1, 2010).
2. Calling something a revenue raiser does not make it so. This just requires that corporations pay more of estimated taxes. It doesn't increase what they owe! That's why I call this practice - which we see often, a tax oddity.