H.R.4 - Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011112th Congress (2011-2012)
|Sponsor:||Rep. Lungren, Daniel E. [R-CA-3] (Introduced 01/12/2011)|
|Committees:||House - Ways and Means|
|Committee Reports:||H. Rept. 112-15|
|Latest Action:||04/14/2011 Became Public Law No: 112-9. (TXT | PDF) (All Actions)|
|Roll Call Votes:||There have been 4 roll call votes|
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Text: H.R.4 — 112th Congress (2011-2012)All Bill Information (Except Text)
the fifth day of January, two thousand and eleven
To repeal the expansion of information reporting requirements for payments of $600 or more to corporations, and for other purposes.
This Act may be cited as the “Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011”.
(a) Application to corporations.—Section 6041 of the Internal Revenue Code of 1986 is amended by striking subsections (i) and (j).
(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.
(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.
(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):
|“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.”.|
(b) Effective date.—The amendment made by this section shall apply to taxable years ending after December 31, 2013.
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.