II 

112TH CONGRESS 

1ST SESSION S. 359 

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 SENATE OF THE UNITED STATES 

FEBRUARY 16, 2011 

Mr. JOHANNS 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 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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Comprehensive 1099 

5 Taxpayer Protection and Repayment of Exchange Subsidy 

6 Overpayments Act of 2011’’. 


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•S 359 IS

1 SEC. 2. REPEAL OF EXPANSION OF INFORMATION REPORT2 ING REQUIREMENTS TO PAYMENTS MADE TO 

3 CORPORATIONS AND TO PAYMENTS FOR 

4 PROPERTY AND OTHER GROSS PROCEEDS. 

5 (a) APPLICATION TO CORPORATIONS.—Section 6041 

6 of the Internal Revenue Code of 1986 is amended by strik7 ing subsections (i) and (j). 

8 (b) PAYMENTS FOR PROPERTY AND OTHER GROSS

9 PROCEEDS.—Subsection (a) of section 6041 of the Inter10 nal Revenue Code of 1986 is amended— 

11 (1) by striking ‘‘amounts in consideration for 

12 property,’’, and 

13 (2) by striking ‘‘gross proceeds,’’ both places it 

14 appears. 

15 (c) EFFECTIVE DATE.—The amendments made by 

16 this section shall apply to payments made after December 

17 31, 2011. 

18 SEC. 3. REPEAL OF EXPANSION OF INFORMATION REPORT19 ING REQUIREMENTS FOR RENTAL PROPERTY 

20 EXPENSE PAYMENTS. 

21 (a) IN GENERAL.—Section 6041 of the Internal Rev22 enue Code of 1986 is amended by striking subsection (h). 

23 (b) EFFECTIVE DATE.—The amendment made by 

24 this section shall apply to payments made after December 

25 31, 2010. 


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•S 359 IS

1 SEC. 4. INCREASE IN AMOUNT OF OVERPAYMENT OF 

2 HEALTH CARE CREDIT WHICH IS SUBJECT TO 

3 RECAPTURE. 

4 (a) IN GENERAL.—Clause (i) of section 36B(f)(2)(B) 

5 of the Internal Revenue Code of 1986 is amended to read 

6 as follows: 

7 ‘‘(i) IN GENERAL.—In the case of a 

8 taxpayer whose household income is less 

9 than 400 percent of the poverty line for 

10 the size of the family involved for the tax11 able year, the amount of the increase 

12 under subparagraph (A) shall in no event 

13 exceed the applicable dollar amount deter14 mined in accordance with the following 

15 table (one-half of such amount in the case 

16 of a taxpayer whose tax is determined 

17 under section 1(c) for the taxable year): 

‘‘If the household income (expressed as 

a percent of poverty line) is: The applicable dollar amount is: 

Less than 200% ................................... $600 

At least 200% but less than 300% ...... $1,500 

At least 300% but less than 400% ...... $2,500.’’. 

18 (b) EFFECTIVE DATE.—The amendment made by 

19 this section shall apply to taxable years beginning after 

20 December 31, 2013. 

Æ 


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