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S. 359 (112th): Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011

The text of the bill below is as of Feb 16, 2011 (Introduced).

Source: GPO

II

112th CONGRESS

1st Session

S. 359

IN THE SENATE OF THE UNITED STATES

February 16, 2011

introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to repeal the expansion of information reporting requirements to payments made to corporations, payments for property and other gross proceeds, and rental property expense payments, and for other purposes.

1.

Short title

This Act may be cited as the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011.

2.

Repeal of expansion of information reporting requirements to payments made to corporations and to payments for property and other gross proceeds

(a)

Application to corporations

Section 6041 of the Internal Revenue Code of 1986 is amended by striking subsections (i) and (j).

(b)

Payments for property and other gross proceeds

Subsection (a) of section 6041 of the Internal Revenue Code of 1986 is amended—

(1)

by striking amounts in consideration for property,, and

(2)

by striking gross proceeds, both places it appears.

(c)

Effective date

The amendments made by this section shall apply to payments made after December 31, 2011.

3.

Repeal of expansion of information reporting requirements for rental property expense payments

(a)

In general

Section 6041 of the Internal Revenue Code of 1986 is amended by striking subsection (h).

(b)

Effective date

The amendment made by this section shall apply to payments made after December 31, 2010.

4.

Increase in amount of overpayment of health care credit which is subject to recapture

(a)

In general

Clause (i) of section 36B(f)(2)(B) of the Internal Revenue Code of 1986 is amended to read as follows:

(i)

In general

In the case of a taxpayer whose household income is less than 400 percent of the poverty line for the size of the family involved for the taxable year, the amount of the increase under subparagraph (A) shall in no event exceed the applicable dollar amount determined in accordance with the following table (one-half of such amount in the case of a taxpayer whose tax is determined under section 1(c) for the taxable year):

If the household income (expressed as
a percent of poverty line) is:
The applicable dollar amount is:
Less than 200%$600
At least 200% but less than 300%$1,500
At least 300% but less than 400%$2,500.

.

(b)

Effective date

The amendment made by this section shall apply to taxable years beginning after December 31, 2013.