To exempt certain amounts subject to other information reporting from the information reporting provisions of the Patient Protection and Affordable Care Act, and for other purposes.

SA 4595. Mr. REID (for Mr. Nelson of Florida) proposed an amendment
to amendment SA 4594 proposed by Mr. Reid (for Mr. Baucus (for himself,
Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create the Small
Business Lending Fund Program to direct the Secretary of the Treasury
to make capital investments in eligible institutions in order to
increase the availability of credit for small businesses, to amend the
Internal Revenue Code of 1986 to provide tax incentives for small
business job creation, and for other purposes; as follows:

At the end of subtitle B of title II, add the following:

PART V--ADDITIONAL PROVISIONS

SEC. ___. CERTAIN EXCEPTIONS TO INFORMATION REPORTING
PROVISIONS.

(a) In General.--Section 6041 of the Internal Revenue Code
of 1986, as amended by section 9006 of the Patient Protection
and Affordable Care Act and section 2101 of this Act, is
amended by redesignating subsection (j) as subsection (k) and
inserting after subsection (i) the following new subsection:
``(j) Coordination With Returns Relating to Payment Card
and Third Party Network Transactions.--This section shall not
apply to any amount with respect to which a return is
required to be made under section 6050W.''.
(b) Increase in Threshold Amount and Exemption for Small
Employers for Reporting of Payments Relating to Property.--
Subsection (a) of section 6041 of the Internal Revenue Code
of 1986, as amended by the Patient Protection and Affordable
Care Act, is amended by adding at the end the following new
sentences: ``In the case of payments in consideration of
property, this subsection shall be applied by substituting
`$5,000' for `$600' and this subsection shall not apply in
the case of any person employing not more than 25 employees
at any time during the taxable year. For purposes of the
preceding sentence, all persons treated as a single employer
under subsection (b), (c), (m), or (o) of section 414 shall
be treated as one employer.''.
(c) Regulatory Authority.--Subsection (k) of section 6041
of the Internal Revenue Code of 1986, as redesignated by
subsection (a), is amended by striking ``including'' and all
that follows and inserting ``including--
``(1) rules to prevent duplicative reporting of
transactions, and
``(2) rules which identify, and provide exceptions for,
payments which bear minimal risk of noncompliance.''.
(d) Effective Dates.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall apply to amounts with
respect to which a return is required to be made in calendar
years beginning after December 31, 2010.
(2) Property threshold.--The amendment made by subsection
(b) shall apply as if included in the amendments made by
section 9006 of the Patient Protection and Affordable Care
Act.
(e) Public Comments and Suggestions.--In order to minimize
the burden on small businesses and to avoid duplicative
information reporting by small businesses, the Secretary of
the Treasury or the Secretary's designee is directed to
request and consider comments and suggestions from the public
concerning implementation and administration of the
amendments made by section 9006 of the Patient Protection and
Affordable Care Act, including--
(1) the appropriate scope of the terms ``gross proceeds''
and ``amounts in consideration for property'' in section
6041(a) of the Internal Revenue Code of 1986, as amended by
such section 9006,
(2) whether or how the reporting requirements should apply
to payments between affiliated corporations, including
payments related to intercompany transactions within the same
consolidated group,
(3) the appropriate time and manner of reporting to the
Internal Revenue Service, and whether, and what, changes to
existing procedures, forms, and software for filing
information returns are needed, including electronic filing
of information returns to the Internal Revenue Service,
(4) whether, and what, changes to existing procedures and
forms to acquire taxpayer identification numbers are needed,
and
(5) how back-up withholding requirements should apply.
(f) Timely Guidance.--The Secretary of the Treasury is
directed to issue timely guidance that will implement and
administer the amendments made by section 9006 of the Patient
Protection and Affordable Care Act in a manner that minimizes
the burden on small businesses and avoids duplicative
reporting by small businesses.
(g) Reports to Congress.--
(1) In general.--Prior to the effective date of the
amendments made by section 9006 of the Patient Protection and
Affordable Care Act, the Secretary of the Treasury shall
report quarterly to Congress concerning the steps taken to
implement such amendments, including ways to limit compliance
burdens and to avoid duplicative reporting. Such reports
shall include--
(A) a description of actions taken to minimize, reduce or
eliminate burdens associated with information reporting by
small businesses, and
(B) a description of business transactions exempted from
reporting requirements to avoid duplicative reporting or
because such transactions represent minimal compliance risk.
(2) Comparison.--Not later than 6 months prior to the
effective date of the amendments made by section 9006 of the
Patient Protection and Affordable Care Act, the Secretary of
the Treasury shall report to Congress a comparison of the
expected compliance requirements after the implementation of
such amendments to the compliance requirements under section
6041 of the Internal Revenue Code of 1986 prior to the
effective date of such amendments.

SEC. ___. DENIAL OF DEDUCTION FOR MAJOR INTEGRATED OIL
COMPANIES FOR INCOME ATTRIBUTABLE TO DOMESTIC
PRODUCTION OF OIL, GAS, OR PRIMARY PRODUCTS
THEREOF.

(a) In General.--Subparagraph (B) of section 199(c)(4) of
the Internal Revenue Code of 1986 is amended by striking
``or'' at the end of clause (ii), by striking the period at
the end of clause (iii) and inserting ``, or'', and by
inserting after clause (iii) the following new clause:
``(iv) in the case of a taxpayer which is a major
integrated oil company (as defined in section 167(h)(5)(B)),
oil related qualified production activities (within the
meaning of subsection (d)(9)(B)).''.
(b) Conforming Amendment.--Section 199(d)(9)(A) of the
Internal Revenue Code of 1986 is amended by inserting
``(other than a major integrated oil company (as defined in
section 167(h)(5)(B))'' after ``taxpayer''.
(c) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2010.
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