II 112th CONGRESS 1st Session S. 18 IN THE SENATE OF THE UNITED STATES January 25 (legislative day, January 5), 2011 Mr. Johanns (for himself, Mr. Manchin, Mr. Alexander, Ms. Ayotte, Mr. Barrasso, Mr. Begich, Mr. Bennet, Mr. Blunt, Mr. Boozman, Mr. Brown of Massachusetts, Mr. Burr, Mr. Chambliss, Mr. Coats, Mr. Coburn, Ms. Collins, Mr. Corker, Mr. Cornyn, Mr. Crapo, Mr. Ensign, Mr. Enzi, Mr. Graham, Mr. Grassley, Mrs. Hagan, Mr. Hoeven, Mrs. Hutchison, Mr. Inhofe, Mr. Isakson, Ms. Klobuchar, Mr. Kyl, Mr. Lee, Mr. Lugar, Mr. McCain, Mr. McConnell, Mr. Moran, Ms. Murkowski, Mr. Nelson of Nebraska, Mr. Portman, Mr. Risch, Mr. Roberts, Ms. Snowe, Ms. Stabenow, Mr. Tester, Mr. Thune, Mr. Udall of Colorado, Mr. Wicker, Ms. Cantwell, Mr. Shelby, Mr. Vitter, Mr. Kirk, Mr. Sessions, Mr. Warner, Mr. Pryor, Mr. Hatch, Mr. Nelson of Florida, Mr. Toomey, and Mrs. McCaskill) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To repeal the expansion of information reporting requirements for payments of $600 or more to corporations, and for other purposes.

1.

Short title

This Act may be cited as the Small Business Paperwork Mandate Elimination Act.

2.

Repeal of expansion of information reporting requirements

Section 9006 of the Patient Protection and Affordable Care Act, and the amendments made thereby, are hereby repealed; and the Internal Revenue Code of 1986 shall be applied as if such section, and amendments, had never been enacted.

3.

Rescission of unspent Federal funds to offset loss in revenues

(a)

In general

Notwithstanding any other provision of law, of all available unobligated funds, $39,000,000,000 in appropriated discretionary funds are hereby rescinded. (b)

Implementation

The Director of the Office of Management and Budget shall determine and identify from which appropriation accounts the rescission under subsection (a) shall apply and the amount of such rescission that shall apply to each such account. Not later than 60 days after the date of the enactment of this Act, the Director of the Office of Management and Budget shall submit a report to the Secretary of the Treasury and Congress of the accounts and amounts determined and identified for rescission under the preceding sentence. (c)

Exception

This section shall not apply to the unobligated funds of the Department of Defense or the Department of Veterans Affairs.