[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 636 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                 S. 636

  To amend the Internal Revenue Code of 1986 to extend the reporting 
            period for certain statements sent to taxpayers.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 15, 2007

  Mr. Schumer 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 extend the reporting 
            period for certain statements sent to taxpayers.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Reduce Wasteful Tax Forms Act of 
2007''.

SEC. 2. EXTENSION OF REPORTING PERIOD FOR CERTAIN STATEMENTS SENT TO 
              TAXPAYERS.

    (a) In General.--The following provisions of the Internal Revenue 
Code of 1986 are each amended by striking ``January 31'' and inserting 
``February 15'':
            (1) Subsection (c) of section 6042 (returns regarding 
        payments of dividends and corporate earnings and profits).
            (2) Subsection (d) of section 6043A (returns relating to 
        taxable mergers and acquisitions).
            (3) Subsection (e) of section 6044 (returns regarding 
        payments of patronage dividends).
            (4) Subsection (b) of section 6045 (returns of brokers).
            (5) Subsection (b) of section 6050N (returns regarding 
        payments of royalties).
    (b) Statements Regarding Certain Returns Relating to Securities.--
Section 6041(d) of the Internal Revenue Code of 1986 is amended by 
striking ``January 31'' and inserting ``January 31 (February 15, in the 
case of statements regarding returns relating to payments made by 
financial institutions to customers in connection with securities 
(including securities lending))''.
    (c) Statements Relating to Certain Substitute Payments.--Section 
6045(d) of the Internal Revenue Code of 1986 is amended--
            (1) by striking ``at such time and'', and
            (2) by inserting after ``other item.'' the following new 
        sentence: ``The written statement required under the preceding 
        sentence shall be furnished on or before February 15 of the 
        year following the calendar year during which such payment was 
        made.''.
    (d) Statements Regarding Certain Reports by Employers and Plan 
Administrators.--Section 6047(d)(2) of the Internal Revenue Code of 
1986 is amended by inserting ``, except that any report to any person 
other than the Secretary shall be furnished on or before February 15 of 
the year following the calendar year for which the report under 
paragraph (1) was required to be made'' after ``regulations''.
    (e) Certain Statements Relating to Interest Payments.--Section 
6049(c)(2)(A) of the Internal Revenue Code of 1986 is amended by 
striking ``January 31'' and inserting ``February 15 (January 31, in the 
case of any statement regarding a return relating to payments of 
interest made by any obligor described in subparagraph (B) or (C) of 
subsection (b)(1), unless such statement is combined in a statement the 
due date for which is February 15)''.
    (f) Effective Date.--The amendments made by this section shall 
apply to returns, reports, and other statements the due date for which 
(determined without regard to extensions) is after December 31, 2007.
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