Summary

A bill to repeal the expansion of information reporting requirements for payments of $600 or more to corporations and for other purposes. Read More

Status

This bill was introduced on Jan 25, 2011, in a previous session of Congress, but was not passed.

Date Introduced
Jan 25, 2011

Bill Text

A BILL

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 ``Small Business Paperwork Mandate Elimination Act''.

SEC. 2. REPEAL OF EXPANSION OF INFORMATION REPORTING REQUIREMENTS.

Section 9006 of the Patient Protection and Affordable Care Act, and the amendments made thereby, are hereby repealed; and the Internal Revenue Code of 1986 shall be applied as if such section, and amendments, had never been enacted.

SEC. 3. RESCISSION OF UNSPENT FEDERAL FUNDS TO OFFSET LOSS IN REVENUES.

(a) In General.--Notwithstanding any other provision of law, of all available unobligated funds, $39,000,000,000 in appropriated discretionary funds are hereby rescinded. (b) Implementation.--The Director of the Office of Management and Budget shall determine and identify from which appropriation accounts the rescission under subsection (a) shall apply and the amount of such rescission that shall apply to each such account. Not later than 60 days after the date of the enactment of this Act, the Director of the Office of Management and Budget shall submit a report to the Secretary of the Treasury and Congress of the accounts and amounts determined and identified for rescission under the preceding sentence. (c) Exception.--This section shall not apply to the unobligated funds of the Department of Defense or the Department of Veterans Affairs. <all>

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This bill repeals the expansion of information reporting requirements for payments of $600 or more to corporations, and for other purposes. http://www.cose.org/Advocacy/Advocacy%20Bill%20Tracker/Bills/S18%20Small%20Business%20Paper-work%20Mandate%20Elimination%20Act.aspx

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Bill Summary

A bill to repeal the expansion of information reporting requirements for payments of $600 or more to corporations and for other purposes.

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