II 112th CONGRESS 2d Session S. 2083 IN THE SENATE OF THE UNITED STATES February 9, 2012 Mr. Thune (for himself and Ms. Cantwell) 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 prohibit the Secretary of the Treasury from requiring that taxpayers reconcile amounts with respect to reportable payment transactions to amounts related to gross receipts and sales.

1.

Short title

This Act may be cited as the 1099K Overreach Prevention Act.

2.

Prohibition on requiring reconciliation of amounts with respect to reportable payment transactions to amounts related to gross receipts and sales

(a)

In general

Section 6050W of the Internal Revenue Code of 1986 is amended by redesignating subsection (g) as subsection (h) and inserting after subsection (f) the following new subsection: (g)

Reconciliation with Receipts Not Required

A taxpayer shall not be required to reconcile on any return of tax for a taxable year amounts with respect to reportable payment transactions, as furnished to the taxpayer pursuant to this section, to amounts related to gross receipts or sales. . (b)

Effective date

The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2011.