HR 705 IHRH
112th CONGRESS
1st Session
H. R. 705
To amend the Internal Revenue Code of 1986 to repeal the expansion of information reporting requirements to payments made to corporations, payments for property and other gross proceeds, and rental property expense payments, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
February 15, 2011
Mr. CAMP introduced the following bill; which was referred to the Committee on Ways and Means
February 22, 2011
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed in italic]
A BILL
To amend the Internal Revenue Code of 1986 to repeal the expansion of information reporting requirements to payments made to corporations, payments for property and other gross proceeds, and rental property expense payments, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
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‘If the household income (expressed as a percent of poverty line) is: The applicable dollar amount is:
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[Struck out->]Less than 200%[<-Struck out] $600
[Struck out->]At least 200% but less than 300%[<-Struck out] $1,500
[Struck out->]At least 300% but less than 400%[<-Struck out] $2,500.’.
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SECTION 1. SHORT TITLE.
This Act may be cited as the ‘Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011’.
SEC. 2. REPEAL OF EXPANSION OF INFORMATION REPORTING REQUIREMENTS TO PAYMENTS MADE TO CORPORATIONS AND TO PAYMENTS FOR PROPERTY AND OTHER GROSS PROCEEDS.
(a) Application to Corporations- Section 6041 of the Internal Revenue Code of 1986 is amended by striking subsections (i) and (j).
(b) Payments for Property and Other Gross Proceeds- Subsection (a) of section 6041 of such Code is amended--
(1) by striking ‘amounts in consideration for property,’, and
(2) by striking ‘gross proceeds,’ both places it appears.
(c) Effective Date- The amendments made by this section shall apply to payments made after December 31, 2011.
SEC. 3. REPEAL OF EXPANSION OF INFORMATION REPORTING REQUIREMENTS FOR RENTAL PROPERTY EXPENSE PAYMENTS.
(a) In General- Section 6041 of the Internal Revenue Code of 1986 is amended by striking subsection (h).
(b) Effective Date- The amendment made by this section shall apply to payments made after December 31, 2010.
SEC. 4. INCREASE IN AMOUNT OF OVERPAYMENT OF HEALTH CARE CREDIT WHICH IS SUBJECT TO RECAPTURE.
(a) In General- Clause (i) of section 36B(f)(2)(B) of the Internal Revenue Code of 1986 is amended to read as follows:
‘(i) IN GENERAL- In the case of a taxpayer whose household income is less than 400 percent of the poverty line for the size of the family involved for the taxable year, the amount of the increase under subparagraph (A) shall in no event exceed the applicable dollar amount determined in accordance with the following table (one-half of such amount in the case of a taxpayer whose tax is determined under section 1(c) for the taxable year):
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‘If the household income (expressed as a percent of poverty line) is: The applicable dollar amount is:
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Less than 200% $600
At least 200% but less than 300% $1,500
At least 300% but less than 400% $2,500.’.
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(b) Effective Date- The amendment made by this section shall apply to taxable years beginnending after December 31, 2013.
Union Calendar No. 7
112th CONGRESS
1st Session
H. R. 705
[Report No. 112-16]
A BILL
To amend the Internal Revenue Code of 1986 to repeal the expansion of information reporting requirements to payments made to corporations, payments for property and other gross proceeds, and rental property expense payments, and for other purposes.
February 22, 2011
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
U.S. Congress - Text of H.R.705 as Reported in House Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments A...
