[Congressional Record (Bound Edition), Volume 156 (2010), Part 11]
[Senate]
[Pages 15390-15392]
[From the U.S. Government Publishing Office, www.gpo.gov]




            SMALL BUSINESS LENDING FUND ACT OF 2010--Resumed

  Mr. REID. Mr. President, what is the pending business?
  The PRESIDING OFFICER. The clerk will report the pending business.
  The assistant legislative clerk read as follows:

       A bill (H.R. 5297) to create the Small Business Lending 
     Fund Program to direct the Secretary of the Treasury to make 
     capital investments in eligible institutions in order to 
     increase the availability of credit for small businesses, to 
     amend the Internal Revenue Code of 1986 to provide tax 
     incentives for small business job creation, and for 
     otherpurposes.

  Pending:

       Reid (for Baucus/Landrieu) amendment No. 4519, in the 
     nature of a substitute.
       Reid amendment No. 4520 (to amendment No. 4519), to change 
     the enactment date.
       Reid amendment No. 4521 (to amendment No. 4520), of a 
     perfecting nature.
       Reid amendment No. 4522 (to the language proposed to be 
     stricken by amendment No. 4519), to change the enactment 
     date.
       Reid amendment No. 4523 (to amendment No. 4522), of a 
     perfecting nature.
       Reid motion to commit the bill to the Committee on Finance 
     with instructions,
       Reid amendment No. 4524 (the instructions on the motion to 
     commit), to provide for a study.
       Reid amendment No. 4525 (to the instructions (amendment No. 
     4524) of the motion to commit), of a perfecting nature.
       Reid amendment No. 4526 (to amendment No. 4525), of a 
     perfecting nature.

  Mr. REID. Mr. President, I ask unanimous consent that all pending 
amendments and the motion be withdrawn.
  The PRESIDING OFFICER. Without objection, it is so ordered.


                           Amendment No. 4594

  Mr. REID. Mr. President, I call up the Baucus-Landrieu-Reid 
substitute amendment which is at the desk.
  The PRESIDING OFFICER. The clerk will report.
  The assistant legislative clerk read as follows:

       The Senator from Nevada [Mr. Reid], for Mr. Baucus and Ms. 
     Landrieu, proposes an amendment numbered 4594.

  Mr. REID. I ask unanimous consent that reading of the amendment be 
dispensed with.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  (The text of the amendment is printed in today's Record under ``Text 
of Amendments.'')
  Mr. REID. I ask for the yeas and nays.
  The PRESIDING OFFICER. Is there a sufficient second?
  There appears to be a sufficient second.
  The yeas and nays were ordered.


                Amendment No. 4595 to Amendment No. 4594

  Mr. REID. I now ask to be reported the Bill Nelson first-degree 
amendment which is at the desk.
  The PRESIDING OFFICER. The clerk will report.
  The assistant legislative clerk read as follows:

       The Senator from Nevada [Mr. Reid], for Mr. Nelson of 
     Florida, proposes an amendment numbered 4595 to amendment No. 
     4594.

  Mr. REID. I ask unanimous consent that reading of the amendment be 
dispensed with.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The amendment is as follows:

   (Purpose: To exempt certain amounts subject to other information 
  reporting from the information reporting provisions of the Patient 
      Protection and Affordable Care Act, and for other purposes)

       At the end of subtitle B of title II, add the following:

                     PART V--ADDITIONAL PROVISIONS

     SEC. ___. CERTAIN EXCEPTIONS TO INFORMATION REPORTING 
                   PROVISIONS.

       (a) In General.--Section 6041 of the Internal Revenue Code 
     of 1986, as amended by section 9006 of the Patient Protection 
     and Affordable Care Act and section 2101 of this Act, is 
     amended by redesignating subsection (j) as subsection (k) and 
     inserting after subsection (i) the following new subsection:
       ``(j) Coordination With Returns Relating to Payment Card 
     and Third Party Network Transactions.--This section shall not 
     apply to any amount with respect to which a return is 
     required to be made under section 6050W.''.
       (b) Increase in Threshold Amount and Exemption for Small 
     Employers for Reporting of Payments Relating to Property.--
     Subsection (a) of section 6041 of the Internal Revenue Code 
     of 1986, as amended by the Patient Protection and Affordable 
     Care Act, is amended by adding at the end the following new 
     sentences: ``In the case of payments in consideration of 
     property, this subsection shall be applied by substituting 
     `$5,000' for `$600' and this subsection shall not apply in 
     the case of any person employing not more than 25 employees 
     at any time during the taxable year. For purposes of the 
     preceding sentence, all persons treated as a single employer 
     under subsection (b), (c), (m), or (o) of section 414 shall 
     be treated as one employer.''.
       (c) Regulatory Authority.--Subsection (k) of section 6041 
     of the Internal Revenue Code of 1986, as redesignated by 
     subsection (a), is amended by striking ``including'' and all 
     that follows and inserting ``including--
       ``(1) rules to prevent duplicative reporting of 
     transactions, and
       ``(2) rules which identify, and provide exceptions for, 
     payments which bear minimal risk of noncompliance.''.
       (d) Effective Dates.--
       (1) In general.--Except as provided in paragraph (2), the 
     amendments made by this section shall apply to amounts with 
     respect to which a return is required to be made in calendar 
     years beginning after December 31, 2010.
       (2) Property threshold.--The amendment made by subsection 
     (b) shall apply as if included in the amendments made by 
     section 9006 of the Patient Protection and Affordable Care 
     Act.
       (e) Public Comments and Suggestions.--In order to minimize 
     the burden on small businesses and to avoid duplicative 
     information reporting by small businesses, the Secretary of 
     the Treasury or the Secretary's designee is directed to 
     request and consider

[[Page 15391]]

     comments and suggestions from the public concerning 
     implementation and administration of the amendments made by 
     section 9006 of the Patient Protection and Affordable Care 
     Act, including--
       (1) the appropriate scope of the terms ``gross proceeds'' 
     and ``amounts in consideration for property'' in section 
     6041(a) of the Internal Revenue Code of 1986, as amended by 
     such section 9006,
       (2) whether or how the reporting requirements should apply 
     to payments between affiliated corporations, including 
     payments related to intercompany transactions within the same 
     consolidated group,
       (3) the appropriate time and manner of reporting to the 
     Internal Revenue Service, and whether, and what, changes to 
     existing procedures, forms, and software for filing 
     information returns are needed, including electronic filing 
     of information returns to the Internal Revenue Service,
       (4) whether, and what, changes to existing procedures and 
     forms to acquire taxpayer identification numbers are needed, 
     and
       (5) how back-up withholding requirements should apply.
       (f) Timely Guidance.--The Secretary of the Treasury is 
     directed to issue timely guidance that will implement and 
     administer the amendments made by section 9006 of the Patient 
     Protection and Affordable Care Act in a manner that minimizes 
     the burden on small businesses and avoids duplicative 
     reporting by small businesses.
       (g) Reports to Congress.--
       (1) In general.--Prior to the effective date of the 
     amendments made by section 9006 of the Patient Protection and 
     Affordable Care Act, the Secretary of the Treasury shall 
     report quarterly to Congress concerning the steps taken to 
     implement such amendments, including ways to limit compliance 
     burdens and to avoid duplicative reporting. Such reports 
     shall include--
       (A) a description of actions taken to minimize, reduce or 
     eliminate burdens associated with information reporting by 
     small businesses, and
       (B) a description of business transactions exempted from 
     reporting requirements to avoid duplicative reporting or 
     because such transactions represent minimal compliance risk.
       (2) Comparison.--Not later than 6 months prior to the 
     effective date of the amendments made by section 9006 of the 
     Patient Protection and Affordable Care Act, the Secretary of 
     the Treasury shall report to Congress a comparison of the 
     expected compliance requirements after the implementation of 
     such amendments to the compliance requirements under section 
     6041 of the Internal Revenue Code of 1986 prior to the 
     effective date of such amendments.

     SEC. ___. DENIAL OF DEDUCTION FOR MAJOR INTEGRATED OIL 
                   COMPANIES FOR INCOME ATTRIBUTABLE TO DOMESTIC 
                   PRODUCTION OF OIL, GAS, OR PRIMARY PRODUCTS 
                   THEREOF.

       (a) In General.--Subparagraph (B) of section 199(c)(4) of 
     the Internal Revenue Code of 1986 is amended by striking 
     ``or'' at the end of clause (ii), by striking the period at 
     the end of clause (iii) and inserting ``, or'', and by 
     inserting after clause (iii) the following new clause:
       ``(iv) in the case of a taxpayer which is a major 
     integrated oil company (as defined in section 167(h)(5)(B)), 
     oil related qualified production activities (within the 
     meaning of subsection (d)(9)(B)).''.
       (b) Conforming Amendment.--Section 199(d)(9)(A) of the 
     Internal Revenue Code of 1986 is amended by inserting 
     ``(other than a major integrated oil company (as defined in 
     section 167(h)(5)(B))'' after ``taxpayer''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to taxable years beginning after December 31, 
     2010.

  Mr. REID. I ask for the yeas and nays.
  The PRESIDING OFFICER. Is there a sufficient second?
  There appears to be a sufficient second.
  The yeas and nays were ordered.


                Amendment No. 4596 to Amendment No. 4595

  Mr. REID. I now call up the Johanns amendment No. 4596.
  The PRESIDING OFFICER. The clerk will report.
  The assistant legislative clerk read as follows:

       The Senator from Nevada [Mr. Reid], for Mr. Johanns, 
     proposes an amendment numbered 4596 to amendment No. 4595.

  Mr. REID. I ask unanimous consent that reading of the amendment be 
dispensed with.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The amendment 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 appropriate place insert the following:

                     PART IV--ADDITIONAL PROVISIONS

     SEC. 4271. 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.

     SEC. 4272. EXPANSION OF AFFORDABILITY EXCEPTION TO INDIVIDUAL 
                   MANDATE.

       Section 5000A(e)(1)(A) of the Internal Revenue Code of 1986 
     is amended by striking ``8 percent'' and inserting ``5 
     percent''.

     SEC. 4273. USE OF PREVENTION AND PUBLIC HEALTH FUND.

       (a) Use of Funds as Offset Through Fiscal Year 2017.--
     Section 4002(b) of the Patient Protection and Affordable Care 
     Act is amended by striking ``appropriated--'' and all that 
     follows and inserting ``appropriated, for fiscal year 2018, 
     and each fiscal year thereafter, $2,000,000,000''.
       (b) Effective Date.--The amendment made by this section 
     shall take effect as if included in the enactment of section 
     4002 of the Patient Protection and Affordable Care Act.

     SEC. 4274. TIME FOR PAYMENT OF CORPORATE ESTIMATED TAXES.

       The percentage under paragraph (2) of section 561 of the 
     Hiring Incentives to Restore Employment Act in effect on the 
     date of the enactment of this Act is increased by 4.25 
     percentage points.


                           Amendment No. 4597

  Mr. REID. I have an amendment to the language proposed to be stricken 
and ask for its consideration.
  The PRESIDING OFFICER. The clerk will report.
  The assistant legislative clerk read as follows:

       The Senator from Nevada [Mr. Reid] proposes an amendment 
     numbered 4597 to the language proposed to be stricken by 
     amendment No. 4594.

  Mr. REID. I ask unanimous consent that reading of the amendment be 
dispensed with.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The amendment is as follows:

       At the end of the language proposed to be stricken, insert 
     the following:
       This section shall become effective 6 days after enactment.

  Mr. REID. I ask for the yeas and nays.
  The PRESIDING OFFICER. Is there a sufficient second?
  There appears to be a sufficient second.
  The yeas and nays were ordered.


                Amendment No. 4598 to Amendment No. 4597

  Mr. REID. I now have a second-degree amendment at the desk.
  The PRESIDING OFFICER. The clerk will report.
  The assistant legislative clerk read as follows:

  The Senator from Nevada [Mr. Reid] proposes an amendment numbered 
4598 to amendment No. 4597.

  Mr. REID. I ask unanimous consent that reading of the amendment be 
dispensed with.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The amendment is as follows:

       In the amendment, strike ``6'' and insert ``4''.


                            Cloture Motions

  Mr. REID. I have four cloture motions at the desk: on the Johanns 
second-degree amendment, the Nelson first-degree amendment, the 
substitute, and the bill.
  The PRESIDING OFFICER. The cloture motions having been presented 
under rule XXII, the Chair directs the clerk to read the motions.
  The legislative clerk read as follows:

                             Cloture Motion

       We, the undersigned Senators, in accordance with the 
     provisions of rule XXII of the Standing Rules of the Senate, 
     hereby move to bring to a close debate on Johanns amendment 
     No. 4596.
         Harry Reid, Patrick J. Leahy, Dianne Feinstein, Charles 
           E. Schumer, Herb Kohl, Joseph I. Lieberman, Jeff 
           Bingaman, Barbara A. Mikulski, Richard J. Durbin, Al 
           Franken, Byron L. Dorgan, Mark Begich, Benjamin L. 
           Cardin, Amy Klobuchar, Kirsten E. Gillibrand, Jeanne 
           Shaheen, Kay R. Hagan.

                             Cloture Motion

       We, the undersigned Senators, in accordance with the 
     provisions of rule XXII of the Standing Rules of the Senate, 
     hereby move to bring to a close debate on amendment No. 4595.
         Harry Reid, Tim Johnson, Richard J. Durbin, Barbara 
           Boxer, Al Franken, Byron L. Dorgan, Patty Murray, 
           Robert P. Casey, Jr., Jon Tester, Jack Reed, Kay R. 
           Hagan, Jeanne Shaheen, Patrick J. Leahy, Christopher J. 
           Dodd, Bill Nelson, Tom Harkin.

                             Cloture Motion

       We, the undersigned Senators, in accordance with the 
     provisions of rule XXII of the

[[Page 15392]]

     Standing Rules of the Senate, hereby move to bring to a close 
     debate on the Reid substitute amendment No. 4594.
         Mary L. Landrieu, Max Baucus, Dianne Feinstein, Patty 
           Murray, Charles E. Schumer, Christopher J. Dodd, Al 
           Franken, Robert P. Casey, Jr., Maria Cantwell, Sheldon 
           Whitehouse, Byron L. Dorgan, Benjamin L. Cardin, Ron 
           Wyden, Kent Conrad, Roland W. Burris, Jeff Merkley, 
           Debbie Stabenow.

                             Cloture Motion

       We, the undersigned Senators, in accordance with the 
     provisions of rule XXII of the Standing Rules of the Senate, 
     hereby move to bring to a close debate on H.R. 5297, the 
     Small Business Lending Fund Act of 2010.
         Mary L. Landrieu, Max Baucus, Dianne Feinstein, Patty 
           Murray, Charles E. Schumer, Christopher J. Dodd, Al 
           Franken, Robert P. Casey, Jr., Maria Cantwell, Sheldon 
           Whitehouse, Byron L. Dorgan, Benjamin L. Cardin, Ron 
           Wyden, Kent Conrad, Roland W. Burris, Jeff Merkley, 
           Debbie Stabenow.

  Mr. REID. I ask unanimous consent that the mandatory quorum calls be 
waived.
  The PRESIDING OFFICER. Without objection, it is so ordered.


                Motion to Commit With Amendment No. 4599

  Mr. REID. Mr. President, I have a motion to commit with instructions 
at the desk, and I ask that it be stated.
  The PRESIDING OFFICER. The clerk will report.
  The assistant legislative clerk read as follows:

       The Senator from Nevada [Mr. Reid] moves to commit the bill 
     to the Finance Committee with instructions to report back 
     forthwith with an amendment numbered 4599.

  The amendment is as follows:

       At the end, insert the following:
       The Finance Committee is requested to study the impact of 
     changes to the system whereby small business entities are 
     provided with all opportunities for access to capital.

  Mr. REID. Mr. President, I now ask for the yeas and nays.
  The PRESIDING OFFICER. Is there a sufficient second?
  There appears to be a sufficient second.
  The yeas and nays were ordered.


                           Amendment No. 4600

  Mr. REID. Mr. President, I have an amendment to the instructions at 
the desk.
  The PRESIDING OFFICER. The clerk will report.
  The assistant legislative clerk read as follows:

       The Senator from Nevada [Mr. Reid] proposes an amendment 
     numbered 4600 to the instructions (amendment No. 4599) of the 
     motion to commit.

  The amendment is as follows:

       At the end, insert the following:
       ``and the economic impact on local communities served by 
     small businesses.

  Mr. REID. Mr. President, I ask for the yeas and nays.
  The PRESIDING OFFICER. Is there a sufficient second?
  There appears to be a sufficient second.
  The yeas and nays were ordered.


                Amendment No. 4601 to Amendment No. 4600

  Mr. REID. Mr. President, I have a second-degree amendment at the 
desk.
  The PRESIDING OFFICER. The clerk will report.
  The assistant legislative clerk read as follows:

       The Senator from Nevada [Mr. Reid] proposes an amendment 
     numbered 4601 to amendment No. 4600.

  The amendment is as follows:

       At the end, insert the following:
       ``and its impact on state and local governments.

  Mr. REID. I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The assistant legislative clerk proceeded to call the roll.
  Mr. REID. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.

                          ____________________