S.Amdt. 4608

SA 4608. Mr. BEGICH (for himself and Mr. Nelson of Nebraska) submitted an amendment intended to be proposed by him 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; which was ordered to lie on the table; as follows:

In lieu of the matter proposed to be inserted, insert the following:

PART IV--ADDITIONAL PROVISIONS

SEC. 4271. REPEAL OF EXPANSION OF INFORMATION REPORTING REQUIREMENTS.

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General.--Section 9006 of the Patient Protection and Affordable Care Act, and the amendments made thereby, are hereby repealed; and the Internal Revenue Code of 1986 shall be applied as if such section, and amendments, had never been enacted.

(b) Reports to Congress.--

(1) In general.--Not later than 6 months after the date of the enactment of this Act, the Secretary of the Treasury shall report to Congress on the compliance rate of taxpayers under section 6041 of the Internal Revenue Code of 1986 as in effect on such date.

(2) Plan for improved enforcement.--Not later than 12 months after such date, the Secretary of the Treasury shall develop a plan to improve enforcement under such section and report such plan to Congress.

(c) Use of Stimulus Funds To Offset Loss in Revenues.--The unobligated balance of each amount appropriated or made available under the American Recovery and Reinvestment Act of 2009 (Public Law 111-5) (other than under title X of division A of such Act) is rescinded pro rata such that the aggregate amount of such rescissions equals the reduction in revenues to the Treasury by reason of the repeal made by subsection (a). The Director of the Office of Management and Budget shall report to each congressional committee the amounts so rescinded within the jurisdiction of such committee.