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HR 4

HR 4

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Published by Joe Wallin
Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 - Amends the Internal Revenue Code to: (1) repeal requirements for the reporting to the Internal Revenue Service (IRS) of payments of $600 or more to corporations that are not tax-exempt and of gross proceeds paid in consideration for any type of property; (2) repeal requirements for reporting payments made with respect to rental property which is not part of a trade or business; and (3) increase, for taxable years ending after December 31, 2013, the advance applicable dollar amount of the tax credit for health care premium assistance for taxpayers whose household income is less than 400% of the poverty line.
Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 - Amends the Internal Revenue Code to: (1) repeal requirements for the reporting to the Internal Revenue Service (IRS) of payments of $600 or more to corporations that are not tax-exempt and of gross proceeds paid in consideration for any type of property; (2) repeal requirements for reporting payments made with respect to rental property which is not part of a trade or business; and (3) increase, for taxable years ending after December 31, 2013, the advance applicable dollar amount of the tax credit for health care premium assistance for taxpayers whose household income is less than 400% of the poverty line.

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Published by: Joe Wallin on Aug 18, 2011
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08/18/2011

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H.R.4
One Hundred Twelfth Congressof theUnited States of America
 AT THE FIRST SESSION
 Begun and held at the City of Washington on Wednesday,the fifth day of January, two thousand and eleven
An Act
To repeal the expansion of information reporting requirements for payments of $600 or more to corporations, and for other purposes.
 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Comprehensive 1099 TaxpayerProtection and Repayment of Exchange Subsidy Overpayments Actof 2011’’.
SEC. 2. REPEAL OF EXPANSION OF INFORMATION REPORTINGREQUIREMENTS TO PAYMENTS MADE TO CORPORATIONS AND TO PAYMENTS FOR PROPERTY AND OTHER GROSS PRO-CEEDS.
(a) A
PPLICATION TO
C
ORPORATIONS
.—Section 6041 of theInternal Revenue Code of 1986 is amended by striking subsections(i) and (j).(b) P
 AYMENTS FOR
P
ROPERTY AND
O
THER
G
ROSS
P
ROCEEDS
.—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) E
FFECTIVE
D
 ATE
.—The amendments made by this sectionshall apply to payments made after December 31, 2011.
SEC. 3. REPEAL OF EXPANSION OF INFORMATION REPORTINGREQUIREMENTS FOR RENTAL PROPERTY EXPENSE PAY-MENTS.
(a) I
N
G
ENERAL
.—Section 6041 of the Internal Revenue Codeof 1986 is amended by striking subsection (h).(b) E
FFECTIVE
D
 ATE
.—The amendment made by this sectionshall apply to payments made after December 31, 2010.
SEC. 4. INCREASE IN AMOUNT OF OVERPAYMENT OF HEALTH CARECREDIT WHICH IS SUBJECT TO RECAPTURE.
(a) I
N
G
ENERAL
.—Clause (i) of section 36B(f)(2)(B) of theInternal Revenue Code of 1986 is amended to read as follows:‘‘(i) I
N GENERAL
.—In the case of a taxpayer whosehousehold income is less than 400 percent of the pov-erty line for the size of the family involved for thetaxable year, the amount of the increase undersubparagraph (A) shall in no event exceed theapplicable dollar amount determined in accordancewith the following table (one-half of such amount in

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