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HR 3877 IH
112th CONGRESS
2d Session
H. R. 3877
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.
IN THE HOUSE OF REPRESENTATIVES
February 1, 2012
Mr. SCHOCK (for himself and Mr. SCHILLING) introduced the following bill; which was referred to the Committee on Ways and Means
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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
SEC. 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.
U.S. Congress - Text of H.R.3877 as Introduced in House 1099K Overreach Prevention Act
