[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 705 Reported in House (RH)]

                                                   Union Calendar No. 7
112th CONGRESS
  1st Session
                                H. R. 705

                          [Report No. 112-16]

 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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 15, 2011

   Mr. Camp introduced the following bill; which was referred to the 
                      Committee on Ways and Means

                           February 22, 2011

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]


_______________________________________________________________________

                                 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.


 


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

<DELETED>SECTION 1. SHORT TITLE.</DELETED>

<DELETED>    This Act may be cited as the ``Comprehensive 1099 Taxpayer 
Protection and Repayment of Exchange Subsidy Overpayments Act of 
2011''.</DELETED>

<DELETED>SEC. 2. REPEAL OF EXPANSION OF INFORMATION REPORTING 
              REQUIREMENTS TO PAYMENTS MADE TO CORPORATIONS AND TO 
              PAYMENTS FOR PROPERTY AND OTHER GROSS PROCEEDS.</DELETED>

<DELETED>    (a) Application to Corporations.--Section 6041 of the 
Internal Revenue Code of 1986 is amended by striking subsections (i) 
and (j).</DELETED>
<DELETED>    (b) Payments for Property and Other Gross Proceeds.--
Subsection (a) of section 6041 of such Code is amended--</DELETED>
        <DELETED>    (1) by striking ``amounts in consideration for 
        property,'', and</DELETED>
        <DELETED>    (2) by striking ``gross proceeds,'' both places it 
        appears.</DELETED>
<DELETED>    (c) Effective Date.--The amendments made by this section 
shall apply to payments made after December 31, 2011.</DELETED>

<DELETED>SEC. 3. REPEAL OF EXPANSION OF INFORMATION REPORTING 
              REQUIREMENTS FOR RENTAL PROPERTY EXPENSE 
              PAYMENTS.</DELETED>

<DELETED>    (a) In General.--Section 6041 of the Internal Revenue Code 
of 1986 is amended by striking subsection (h).</DELETED>
<DELETED>    (b) Effective Date.--The amendment made by this section 
shall apply to payments made after December 31, 2010.</DELETED>

<DELETED>SEC. 4. INCREASE IN AMOUNT OF OVERPAYMENT OF HEALTH CARE 
              CREDIT WHICH IS SUBJECT TO RECAPTURE.</DELETED>

<DELETED>    (a) In General.--Clause (i) of section 36B(f)(2)(B) of the 
Internal Revenue Code of 1986 is amended to read as follows:</DELETED>
                        <DELETED>    ``(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):</DELETED>


----------------------------------------------------------------------------------------------------------------
  ``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.''.
----------------------------------------------------------------------------------------------------------------

<DELETED>    (b) Effective Date.--The amendment made by this section 
shall apply to taxable years beginning after December 31, 
2013.</DELETED>

SECTION 1. SHORT TITLE.

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

SEC. 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 such Code 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.

SEC. 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.

SEC. 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 ending after December 31, 2013.
                                                   Union Calendar No. 7

112th CONGRESS

  1st Session

                               H. R. 705

                          [Report No. 112-16]

_______________________________________________________________________

                                 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.

_______________________________________________________________________

                           February 22, 2011

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed