Bill Sponsorship: Small Business Paperwork Mandate Elimination Act
A BILL To repeal the expansion of information reporting requirements for payments of $600 or more to corporations. Section 9006 of the Patient Protection and Affordable Care Act, and the amendments made thereby, are hereby repealed; and the Internal Revenue Code of 1986 shall be applied as if such section, and amendments, had never been enacted. [This is the first attempt at dismantling ObamaCare by pieces, as opposed to H.R. 2 which dismantles ObamaCare in whole. The proposed section of the ObamaCare law to be repealed appears below. --OnTheIssues editor].
SEC. 9006. EXPANSION OF INFORMATION REPORTING REQUIREMENTS.
The Internal Revenue Code of 1986 is amended by adding at the end the following new subsections:
APPLICATION TO CORPORATIONS. The term 'person' includes any corporation that is not an organization tax-exempt.
REGULATIONS. The Secretary may prescribe such regulations as may be necessary to carry out the purposes of this section, including rules to prevent duplicative reporting of transactions.
EFFECTIVE DATE. The amendments made by this section shall apply to payments made after December 31, 2011.