IB Union Calendar No. 7 112th CONGRESS 1st Session H. R. 705 [Report No. 112–16] 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.
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 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.
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.
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 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.
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 ending after December 31, 2013.
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