II 

110TH CONGRESS 

1ST SESSION S. 636 

To amend the Internal Revenue Code of 1986 to extend the reporting period 

for certain statements sent to taxpayers. 

IN THE SENATE OF THE UNITED STATES 

FEBRUARY 15, 2007 

Mr. SCHUMER 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 extend 

the reporting period for certain statements sent to taxpayers. 

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 ‘‘Reduce Wasteful Tax 

5 Forms Act of 2007’’. 

6 SEC. 2. EXTENSION OF REPORTING PERIOD FOR CERTAIN 

7 STATEMENTS SENT TO TAXPAYERS. 

8 (a) IN GENERAL.—The following provisions of the In9 ternal Revenue Code of 1986 are each amended by strik10 ing ‘‘January 31’’ and inserting ‘‘February 15’’: 


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1 (1) Subsection (c) of section 6042 (returns re2 garding payments of dividends and corporate earn3 ings and profits). 

4 (2) Subsection (d) of section 6043A (returns re5 lating to taxable mergers and acquisitions). 

6 (3) Subsection (e) of section 6044 (returns re7 garding payments of patronage dividends). 

8 (4) Subsection (b) of section 6045 (returns of 

9 brokers). 

10 (5) Subsection (b) of section 6050N (returns 

11 regarding payments of royalties). 

12 (b) STATEMENTS REGARDING CERTAIN RETURNS

13 RELATING TO SECURITIES.—Section 6041(d) of the Inter14 nal Revenue Code of 1986 is amended by striking ‘‘Janu15 ary 31’’ and inserting ‘‘January 31 (February 15, in the 

16 case of statements regarding returns relating to payments 

17 made by financial institutions to customers in connection 

18 with securities (including securities lending))’’. 

19 (c) STATEMENTS RELATING TO CERTAIN SUB20 STITUTE PAYMENTS.—Section 6045(d) of the Internal 

21 Revenue Code of 1986 is amended— 

22 (1) by striking ‘‘at such time and’’, and 

23 (2) by inserting after ‘‘other item.’’ the fol24 lowing new sentence: ‘‘The written statement re25 quired under the preceding sentence shall be furVerDate Aug 31 2005 02:54 Feb 18, 2007 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S636.IS S636

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•S 636 IS

1 nished on or before February 15 of the year fol2 lowing the calendar year during which such payment 

3 was made.’’. 

4 (d) STATEMENTS REGARDING CERTAIN REPORTS BY

5 EMPLOYERS AND PLAN ADMINISTRATORS.—Section 

6 6047(d)(2) of the Internal Revenue Code of 1986 is 

7 amended by inserting ‘‘, except that any report to any per8 son other than the Secretary shall be furnished on or be9 fore February 15 of the year following the calendar year 

10 for which the report under paragraph (1) was required 

11 to be made’’ after ‘‘regulations’’. 

12 (e) CERTAIN STATEMENTS RELATING TO INTEREST

13 PAYMENTS.—Section 6049(c)(2)(A) of the Internal Rev14 enue Code of 1986 is amended by striking ‘‘January 31’’ 

15 and inserting ‘‘February 15 (January 31, in the case of 

16 any statement regarding a return relating to payments of 

17 interest made by any obligor described in subparagraph 

18 (B) or (C) of subsection (b)(1), unless such statement is 

19 combined in a statement the due date for which is Feb20 ruary 15)’’. 

21 (f) EFFECTIVE DATE.—The amendments made by 

22 this section shall apply to returns, reports, and other 

23 statements the due date for which (determined without re24 gard to extensions) is after December 31, 2007. 

Æ 


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