[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 3783 Introduced in Senate (IS)]

111th CONGRESS
  2d Session
                                S. 3783

 To amend the Internal Revenue Code of 1986 to increase the threshold 
   amount subject to information reporting at source, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 14, 2010

 Ms. Landrieu (for herself and Ms. Mikulski) 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 increase the threshold 
   amount subject to information reporting at source, and for other 
                               purposes.

    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 ``Information Reporting Modernization 
Act of 2010''.

SEC. 2. MODIFICATIONS TO INFORMATION REPORTING AT SOURCE.

    (a) Increase in Threshold Amount.--
            (1) In general.--Subsection (a) of section 6041 of the 
        Internal Revenue Code of 1986, as amended by the Patient 
        Protection and Affordable Care Act, is amended by striking 
        ``$600'' in the text and heading and inserting ``$5,000''.
            (2) Inflation adjustment.--Section 6401 of such Code is 
        amended by redesignating subsection (i) as subsection (j) and 
        by inserting after subsection (h) the following new subsection:
    ``(i) Inflation Adjustment.--In the case of any calendar year after 
2012, the dollar amount in subsection (a) shall be increased by an 
amount equal to--
            ``(1) such dollar amount, multiplied by
            ``(2) the cost-of-living adjustment determined under 
        section 1(f)(3) for such calendar year by substituting 
        `calendar year 2011' for `calendar year 1992' in subparagraph 
        (B) thereof.
If any amount as adjusted under the preceding sentence is not a 
multiple of $100, such amount shall be rounded to the nearest multiple 
of $100.''.
    (b) Coordination With Returns Relating to Payment Card and Third 
Party Network Transactions.--Section 6041 of the Internal Revenue Code 
of 1986, as amended by subsection (a)(2), is amended by redesignating 
subsection (j) as subsection (k) and inserting after subsection (i) the 
following new subsection:
    ``(j) Coordination With Returns Relating to Payment Card and Third 
Party Network Transactions.--This section shall not apply to any amount 
with respect to which a return is required to be made under section 
6050W.''.
    (c) Enhanced Technology.--With respect to returns required to be 
made in calendar years beginning after December 31, 2011, the Secretary 
of the Treasury shall upgrade the scanning technology of the Internal 
Revenue Service to allow for the submission of generic 1099-MISC forms 
downloaded from the Internal Revenue Service website, and shall 
establish a free online entry and submission mechanism.
    (d) Effective Date.--The amendments made by this section shall 
apply to amounts with respect to which a return is required to be made 
in calendar years beginning after December 31, 2011.
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