[Congressional Record Volume 156, Number 152 (Friday, November 19, 2010)]
[Senate]
[Page S8202]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    AMENDMENT NO. 4713, AS MODIFIED

  Mr. REID. I ask unanimous consent that the Baucus amendment No. 4713 
be modified with the changes at the desk and that the November 18 order 
be modified to make it in order to consider the Baucus amendment No. 
4713, as modified.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The amendment, as modified, is as follows:

(Purpose: To repeal the expansion of information reporting requirements 
 for payments of $600 or more to corporations, and for other purposes)

       At the end, add the following:

                TITLE V--SMALL BUSINESS PAPERWORK RELIEF

     SEC. 501. REPEAL OF EXPANSION OF INFORMATION REPORTING 
                   REQUIREMENTS.

       (a) Repeal of Payments for Property and Other Gross 
     Proceeds.--Subsection (b) of 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     thereby, are hereby repealed; and the Internal Revenue Code 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 subsection, and 
     amendments, had never been enacted.
       (b) Repeal of Application to Corporations; Application of 
     Regulatory Authority.--

     (1) In General.--Section 6041 of the Internal Revenue Code of 
     1986, as amended by section 9006(a) of the Patient Protection 
     and Affordable Care Act and section 2101 of the Small 
     Business Jobs Act of 2010, is amended by striking subsections 
     (i) and (j) and inserting the following new subsection:
       ``(i) Regulations.--The Secretary may prescribe such 
     regulations and other guidance as may be appropriate or 
     necessary to carry out the purposes of this section, 
     including rules to prevent duplicative reporting of 
     transactions.''.
       (2) Effective Date.--The amendments made by this subsection 
     shall apply to payments made after December 31, 2010.

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